If we're being fair to the Terrafugia Transition's true definition, it's not a flying car -- it's a plane that you can drive on the road. A "roadable aircraft," as Massachusetts-based Terrafugia calls it. On the other hand -- cool! A flying car!
The plane-car hybrid (plar? clane?) got a vote of confidence from none other than the Federal Aviation Administration, which made an exception and approved it for light sport aircraft status, although it is a tad on the heavy side. (Light sport aircraft licenses are far easier to obtain than private pilot's licenses, but the aircraft has to weigh 1,320 pounds or less; the FAA granted light sport aircraft status despite the fact that the Transition weighs in at 1,430 pounds.)
The Transition can fly and land like a regular aircraft, then fold up its wings and hit the road -- it can hit highway speeds and even fits into regular parking spots.
It is not, however, cheap. From Gizmag:
"As an aircraft, the Transition has a claimed cruising speed of 115 mph, a carrying capacity of 430 pounds and a range of 460 miles. It has an anticipated price sticker of $194,000, and should be reaching customers at the end of next year. If you’re interested in paying the refundable $10,000 deposit to take your place in line behind 70 other prospective buyers of this revolutionary vehicle, visit Terrafugia’s website."
Just under 200 grand could get you an Aston Martin DB9, and the Transition is nowhere near as cool-looking. Then again, can that Aston freaking fly? No, I thought not.