Too little and too late. Draconian measures are necessary to push automakers into compliance and to push consumers to buy. It's expensive unless we want to sell out to China completely, but necessary and in the end, affordable.
Into compliance? Compliance of what? Also why do you want draconian measures to push consumers to buy? Shouldn't you let consumers buy whenever they can afford to change their cars? What kind of draconian measures are you thinking of, emission regulations that make it impossible for poor people to drive their cars?
It's not at all clear why poor people should ever want to leave their allocated urban subdivision. We certainly don't want them clogging up tourist spots that should be kept for appreciation by sophisticated wealthy foreigners.
We don't want the CO2 that is created (and other consequences of oil production/consumption), the money can be spent on something better, and we don't want to depend on oil-exporting countries more than necessary.