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The Terrafugia can transform from a roadable vehicle that can hit a highway speed of 65 mph to a winged aircraft in 30 seconds.
The plane version can cruise at about 115 mph (185 kph) and cover about 400 miles (644 kilometers) worth of turf before needing a refill of regular unleaded gas.
The price of a Terrafugia is expected to be around $200,000 and deliveries could start next year, assuming the vehicle passes crash tests. The company has envisioned its vehicle as finding a home with amateur pilots who live near air fields
to be classified as a "Light Sport Aircraft" by the FAA so people eager to fly it would need only 20 hours of flying time.
The Terrafugia, a small airplane that can drive on roads and has been billed as the first "flying car," is now one step closer to becoming street- and sky-legal.
http://www.msnbc.msn.com/id/38007469/ns/technology_and_science-innovation/The Terrafugia Transition Roadable Aircraft – nicknamed the "Flying Car" – is a car/plane hybrid. It is designed to drive on public roadways and park in a standard garage, but anyone with a sport pilot certificate can also take to the skies. The FAA just granted the builders' a weight exemption, which allows them to add airbags, an energy absorbing crumple zone and a protective safety cage aimed at road safety. The flying car is expected to be available starting at the end of 2011.