Don’t call it a Flying Car. Could be real next year

MIT-originated aeronautics-cum-auto company Terrafugia is working on a small plane that is also street-legal. The most notable thing is that it could become available to regular consumers by the end of 2009.

The product, called the Transition (pictured), has 10ft wide wings that can fold up. It will cost just under $200k and run on gasoline.