Spose so. As mentioned above though, being in negative equity leads you to VT so you can get a new car. As soon as you take the keys, you're going to be in negative equity. Have you considered that what you're really paying for is the depreciation on all these cars?
To be fair, I think unless you put down a hefty deposit, you're pretty likely to be in negative with a car for the first few years of the agreement. In fact, not till you get pretty close to the end will you start balancing out unless as I said, you put down a big deposit or are paying loads a month.
MY14 Space Grey F11 530d M-Sport