“Although the term “flying car” makes for an easily graspable mental image, Terrafugia prefers to call it a roadable aircraft because the Transition will spend most of the time in the air. Owners will, ideally, drive the two-passenger vehicle from their garage to an airport. At that point, the retractable wings will be unfolded and it will turn into a plane.
Terrafugia showed off a 1/5th-scale model at the AirVentures Conference in August in Oshkosh, Wis.
“A few of the older gentlemen I talked to told me that they had been waiting for something like this their whole lives and were so excited that we were making it real while they were still able to fly it,” wrote Mracek in an e-mail. “There was naturally some healthy skepticism as well, but even the skeptics were looking forward to us bringing a flying prototype to Oshkosh one of these years.””
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Source: CNet News.com
CNet has links to both preorder your Terrafugia and a flight simulator so you can practice while you are waiting for it to arrive … in 2009ish. More of a light aircraft you drive to the airport to fly away in, than something you can launch from your own driveway, it at least makes some efforts to get us into the flying cars we were all supposed to have by now.