After just three months, the Inflation Reduction Act (IRA) has saved Americans an estimated $600 million on clean vehicle purchases at the time of sale.

Since January 1, 2024, buyers of eligible new and pre-owned clean vehicles have been able to choose to receive the full value of the Inflation Reduction Act’s (IRA) clean vehicle tax credits at the time they purchase their clean vehicles from a registered dealer rather than waiting to claim the credit on their tax returns. The tax credit can be as high as $7,500 for new vehicles or $4,000 for pre-owned vehicles, and it may be applied as a downpayment equivalent to the purchase of the vehicle.