The Flying Car is -- Finally -- Here

The FAA has given approval to the Terrafugia Transition as a "roadable aircraft"; its wings fold up for driving and extend for flight. According to the Huffington Post,

"It can drive on any surface, and, thanks to its foldable wings, can transform into a personal airplane. It can fly at a speed of 115 MPH and has a 460-mile range. As the Telegraph notes, it 'requires a 1,700-foot (one-third of a mile) runway to take off and can fit in a standard garage.' The 'flying car' is expected to retail for $194,000.

As AutoBlog explains, the Transition has just received special approval from US air authorities:

'The FAA has just awarded the Terrafugia Transition an exemption which will allow the 1,440-pound car/aircraft hybrid to fly under a "light sport" designation, even though it hits the scales at a hefty 120 lbs. more than the rules allow. A light sport pilot license only requires 20 hours of seat time - far less than what a full license would demand.'"

[Includes video and slideshow]