There might be an end in sight to all the “flying car” jokes in pop culture- the FAA has granted some regulatory leeway to the MIT engineers working on the aptly named Terrafugia Transition.

The part car, part plane seems to be a much cooler “hybrid” car, because your Prius isn’t going to sprout wings and lift up over midtown Manhattan, is it? Like a hybrid, the Terrafugia Transition gets decent gas mileage when it’s a car, at around 30 mpg. It also has safety features like crumple zones and airbags, and clears a top speed of 115 mph when airborne. You only need 1/3 of a mile to take off in it, and it will fit in most garages, too. Even the price isn’t that bad for a fricking half car half plane, clocking in at just under 200K clams, or $194,000.

The innovative invention got a nod of approval from the FAA recently, so the days of being cut off by a dude in a planecar on the freeway may not be that far off:

…the FAA has just awarded the Terrafugia Transition an exemption which will allow the 1,440-pound car/aircraft hybrid to fly under a “light sport” designation, even though it hits the scales at a hefty 120 lbs. more than the rules allow. A light sport pilot license only requires 20 hours of seat time – far less than what a full license would demand.

Where’s my flying car? FAA cuts Terrafugia a regulatory break is a post from: The Inquisitr

Terrafugia Transition: The Flying Car

The Terrafugia Transition, created by Carl Dietrich, can shift from driving to flying within 30 seconds. In that time, the Transition’s wings extend out and lock in, and the vehicle begins to lift off.

The Transition needs 1,700 feet to be able to make it into the air. Your standard license won’t be enough to operate this bad boy, though: You’ll need a light sport plane pilot license (at minimum) to be able to fly it.

The flying car operates on regular ol’ unleaded gas. It has a steering wheel as well as a telescopic stick and special rubber peddles surrounding the standard gas and brake controls.

Terrafugia expects to have the Transition on the market by the end of 2011, with a hefty pricetag of $194,000. The company tells CBS News about 40 people have already paid a $10,000 deposit to reserve their flying cars.

Flying Car Video

The following two Terrafugia flying car videos show the model in action. Ready to get behind the wheel/stick?

More on the Flying Car

Check out Terrafugia’s official site for more photos and details about the flying car.

VIDEO: Terrafugia Transition, the Flying Car of the Future is a post from: The Inquisitr