We own the car, the log book is in our name.
I suppose it is a car allowance, but it's ours to run in to the ground, as above the named company, Wessex water do this to, you get a couple of grand a year for a car. it's yours to do as you please, you look after it, insure it, then run it in to the ground..
That must be a car allowance?? Not many company's allow cars past 5 years old even with an allowance. Who owns the car you or your company?? Seems a very strange set up having a MK3 as a company car !!!!