Screaming Penguin - Source Does Matter

People need to get cracking on this already. We are already 6 years overdue:

This summer, graduate students at the Massachusetts Institute of Technology will try to get an idea aloft that has intrigued people for decades: the flying car.

Terrafugia, a start-up created by Lemelson-MIT Student Prize winner Carl Dietrich and colleagues at MIT's Department of Aeronautics and Astronautics, is aiming to show off what it calls the Transition "personal air vehicle," an SUV with retractable wings, to the EAA AirVenture Conference in Oshkosh, Wis., at the end of July.

The Transition is designed for 100- to 500-mile jumps. It will carry two people and luggage on a single tank of premium unleaded gas. It will also come with an electric calculator (to help fine-tune weight distribution), airbags, aerodynamic bumpers and of course a GPS (Global Positioning System) navigation unit.

The company hopes to eventually have the vehicle classified so that it can be piloted with a light sport aircraft license.

No complete prototype exists yet, but the company has a one-fifth scale wind tunnel model (along with computer simulations) and will use the $30,000 from the Lemelson prize to build something to show off at the Oshkosh show. A fully operational prototype is expected to come out in 2008 or earlier, according to the company, while Transition vehicles are expected to hit the road, and the sky, by 2009 or 2010.

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Terrafugia is aiming to build a vehicle that will fly at 120 miles per hour and get 30 miles a gallon in the air. (It will also get 40 miles per gallon on the freeway and 30 in the city).