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Gary, I'm going to totally ignore the tax benefits here and look at it from a different point of view. My niece went to work for a well known company who didn't supply her with a company car but said " buy a car up to £16k and we'll pay your loan repayments " plus she got expenses paid, don't know at what rate .
She actually listened to me and didn't do £16k on anew car , or even the £16k in total but bought a 3 year old car with low mileage for £10k ( most depreciation had hit hard by then but you still get a 'new' car just cheap ).

All was well for a year until she got made redundant and was lumbered with a car loan and a car she had no real need of...always worth looking at the long term implications of the decisiosn and if the funding situation was to change.
 
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