The company that would produce them, Terrafugia (Latin for "escape from the land"), is based in Woburn, Massachusetts. Founded in 2006 by 5 MIT grad students with passion for flying (all 5 were also pilots), Terrafugia plans to deliver the first car-plane, called the Transition, to consumers by the end of 2011.
"It's the next 'wow' vehicle," Terrafugia vice president Richard Gersh told AP, "Anybody can buy a Ferrari, but as we say, Ferraris don't fly."
A big step toward success was reached after the Federal Aviation Administration granted a special weight limit exemption to the Transition.
Although the Transition is a long way from cartoon dreams of flying cars, the car will be able to master both worlds - roads and airways. It will have wings which unfold for flying, and fold back for driving in one minute.
For now, the Transition is being marketed more as a plane that drives than a car that flies, and it still needs a runway for takeoff and landing.
Terrafugia is working with the FAA to meet aircraft regulations, and with the National Highway Traffic Safety Administration to meet vehicle safety regulations.
It is designed to fly under 10,000 feet with a maximum takeoff weight of 1,430 pounds, including fuel and passengers. Gas mileage on the road is about 30 mpg.
The price - $194,000.
A bit pricey for some, but already more than 70 orders with deposits have been made. Little boys' dreams do not die easily.
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