Although people will be allowed to own gasoline-powered vehicles that they had prior to the ban, eventually, Californians will be forced to buy electric cars. The cost of the new electric cars could rise dramatically as auto makers will pass the cost of carbon credits to customers, making vehicle ownership out of reach for some consumers. Electric cars will place more strain on California's already unreliable power grid.

Drivers throughout the U.S. may want to start a rainy day car fund in the wake of California Governor Gavin Newsom's climate-change-focused ban on sales of new gas-powered autos beginning in 2035.

Veteran auto analyst Lauren Fix tells Yahoo Finance's The First Trade that the cost of new cars across the country could rise materially in the years leading up to the ban. In the mind of the beancounters at automakers such as Ford and GM, in order to offset higher outlays from ramped up electric vehicle production to meet California's new ban, consumers will have to bear the financial burden upfront.