Australian Business Review, page-9

More to the point "sunk costs" - a corolla you buy today costs around 20k (basic) and will run for 20 years. No one is just gong to throw that away while it is still running and costs are not excessive, so the transition time is not based on a sudden event.

Not only that, if a lot of electric vehicles come on the market and demand for oil is less, then petrol won't cost so much.

This problem is intricate and intertwined, not an open loop.