Terrafugia (Latin for “escape from the world”) is a company founded by graduates of the Department of Aeronautics and Astronautics at MIT who have made it their mission to develop “the expansion of personal mobility through the practical integration of land and air travel.” Their vehicle, the Transition (shown above), is part car, part aircraft “that will be able to land at the airport, fold up its wings, and drive on the road.”
Want your own? They’re currently taking reservations. For $7,400 (5% of the expected sticker price of $148,000), you can make sure you’re the first one on the block with a flying car. Completed crafts are expected to ship in 2009. More pictures after the jump.