The Inflation Reduction Act provides a tax credit of up to $7,500 for electric vehicles, which buyers can now opt to receive as an upfront discount. About 90% of eligible buyers have chosen this option, making it popular. Advance payments allow consumers to get the full credit regardless of their tax liability, which helps with affordability and reduces overall costs. However, not all car dealers offer this option, and not all EVs or buyers qualify for the tax break.
