The FAA has approved the Terrafugia Transition, a flying car, as light sports aircraft. The 1,444 pound vehicle, which the company calls a “roadable aircraft” on its website, required an FAA weight exemption to fit the sports plane category (the airbags and crumple zones required to make it street legal made the Terrafugia heavier than usual). The
Terrafugia burns automotive gas (not expensive AvGas), has wings that fold, and can fit into your garage. It fits 2 people, can drive up to 65 mph on the road, and flies up to 115 mph in the air. In short: It’s pretty sweet. See more specs here. Here are some pictures. (Unless noted otherwise, these all come from the Terrafugia website).
You can place a $10,000 refundable airframe deposit on the website. The plane will cost an estimate $194,000; the company anticipates delivery in Q4 2011. They say people have already reserved 70 aircraft.