Terrafugia, a startup by MIT grad student Carl Dietrich, is posed to deliver a fully operational flying car prototype by 2008. The Terrafugia Transition flying car, or “personal air vehicle,” as they’ve been calling it, is just a model right now.
The Transition is expected to get 30 miles per gallon in the air, travelling at 120 miles per hour, with up to 430 pounds of payload (two adults and some suitcases).
The Terrafugia Transition has collapsable wings. When in car mode, the Transition should have the same footprint as a large SUV, making it garage and road friendly. All at the push of a button.
The Terrafugia is estimated to cost $148,000 when it debuts.
Check the Terrafugia FAQ for more information.