The car will have to change form. The horse was replaced by the car more or less over night, but I don't think that will be the case with the car. What I think will happen short term is that petrol will be replaced by an alternative fuel like ethanol. It's similar so the infrastructure and current technology can be used.
A note on mass transit. It's actually better to use a good mass transit than a personal car. In cities with good and functional mass transit I rather use that than rent a car to my self. Mass transit is a must in large dense cities and individuals can expect to have a choice.
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