buy or lease a vehicle

[JeffC]

Mate of mine needs a pick up for work and wants a L200 warrior double cab , He has found a deal for a new one for £229 +vat per month over 3 years then he hands it back at the end of the term. the vehicle will be paid for through his business (ltd co) , Looking at figures comparing to buy one outright rather than lease with depreciation etc I would think it will depreciate as much aswhat is costs to lease for three years so much of a muchness, but from a business / tax point of view which would be the best way to do this, buy outright, buy but finance it through business or lease it.

thanks in advance.

[JeffC]

It will be a comercial vehicle for deliveries etc. He normally buys his vehicles but at £229 + vat leasing looked as cost effective.
over 3 years he will have paid out just short of £10k but he will get £1500 ish in vat back , we wondering what tax would be reclaimable .