Lease car through work or PCP plan

Johnster

I have 59 plate Octavia Elegance estate 1.9tdi currently £53k mileage bought for cash. Went to a dealer event yesterday and got a proposal against a new version of the same at £165/mth for 41 months, £7k for mine plus £400 down which they'd give me back. Final value £10.8k from memory.

Didn't go intending to change the car but the new version is very nice!

I was happy with that so paid the £400. Came home and thought about the lease car deal from work which is 7% of salary and whether that would be a better deal as it would leave me mine to sell and have some cash.

Benefits of the lease deal as I see it
Work pay me 6% of salary for using my own car but I am taxed at 40% on this. The lease offer is 7% but I am tied into it for 4 years and effectively tied into them so changing job may be limited. But I could sell mine for cash and pay that off the mortgage. Just trying to work out the monthly payments to compare.

So far I can minus the 6% of salary from income but add back the 40% tax I pay on that. That's my starting point for monthly income available less the lease cost (which I believe if the actual cost is lower than the value of the 7% I get back into my salary, if higher I make up the difference) and the tax implication (which I can work out from the manufacturer's info)

Do my maths look right?

Obviously if the lease looks better I need to move quickly to get my £400 back. The car I'm getting is already on the production line so I could not change the colour or options but I was happy with that. The dealership are trying to hit their sales quota for the year end hence the offer of £2k off list price plus a discounted package (GAP insurance, paint protector, 3 years free servicing, tank of diesel)

Thanks for any help

John