Once serious critical mass begins with electric vehicle sales—how are hundreds of millions of people around the world going to get rid of their internal combustion engine vehicles when no one wants to buy them anymore?

Question

Once serious critical mass begins with electric vehicle sales—how are hundreds of millions of people around the world going to get rid of their internal combustion engine vehicles when no one wants to buy them anymore?

In: Economics

Answer 1

The average age of cars on the road is now over 12 years. There are a few reasons for this, but part of it, at least for me, is people waiting for electric cars to come down in price. When it comes time to replace their cars many people will have no problem junking their very old cars. I expect this will hasten the transition and that average age will drop in the next decade.