Well, we may be one step closer to the ever-elusive flying car. But make no mistake, the Terrafugia Transition is still not exactly the "future" set forth in the 1950's that we've all come to expect.
This plane has foldable wings that make it possible to drive on the street. With a pusher prop, four wheels and FAA and NHTSA certification, this drivable plane is a light airplane that's street legal. You can even get it insured!
The Transition runs on gas and can go about 450 miles. Anyone can drive it as a car, however, you will need a key code to make the wings unfold. You can only get this key code if you have a pilot's license, so that's good for safety's sake. The Terrafugia Transition will be making its debut next month and will be commercially available by the end of 2009. The cost is a pricey $194,000. Check out a CG rendered version of it below: