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Is a company car enought to leave a job?
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Do the job that makes you happy, everything else is just noise...
Its never that simple. Often you don't like your current job but you don't know how much you'll like the new one. And how much the reduction in take home money will impact on that.
Where its "dream job vs horror job" its clear cut but usually its shades of grey.
I'd argue that the impact of lower salary (forget the car in this calculation) could be profound in the future. When you move jobs again and declare your salary you are at a lower starting point and likely will therefore earn less than if you moved from your existing job.
I would ask the new employer to match my current salary - if there is absolutely no way they will and they use the car as justification - I'd be concerned. Employing someone on £25K for £21K in my view is trying your luck. Even with the car. Unless of course you deliberately applied for a lower paid job.....0
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