If you plan to buy a car, it's a good idea to start saving now. Full loan schemes for car purchases will be discontinued in August 2024.

According to a report by Sinar Harian, every customer interested in buying a car will need to make a minimum 10% down payment. This move is intended to address issues with car sellers who are not transparent about car pricing.

With the implementation of electronic invoicing (e-invoicing), all invoice amounts are expected to be consistent, ensuring that sales agents provide the actual price of the car.

The Inland Revenue Board (LHDN) announced that e-invoicing would be rolled out in phases starting this August, which is less than a month away.

This initiative aims to promote automation and improve information accuracy, as e-invoicing can reduce errors commonly found in manual invoices.

A car salesman expressed concern that the car sales industry might suffer without full loans.

"Currently, an average of 60% of car buyers apply for full loans to purchase their cars. The government might want to consider allowing certain groups of people to buy a car with a 5% down payment," he said.