VIDEO: Terrafugia Transition, the Flying Car of the Future

JR

Watch out, Marty McFly: The Delorean time machine isn't going to be the only flying car around for long. Terrafugia, a Massachusetts-based manufacturer, has gotten the go-ahead to take its flying car -- called the Transition -- onto the road. Next stop: the sky.

Flying Car Video

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.

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