One of the most abused “clever” remarks made in geek circles is the familiar reference to a lack of flying cars. Well, that joke can finally be laid to rest now that the Terrafugia Transition has arrived.

The Transition is a dual-purpose vehicle designed by a group of MIT aeronautical engineers. The company home page had this to say about their flagship vehicle:

Terrafugia developed the Transition to provide pilots the convenience of a dual-purpose vehicle. Its unique design allows the Transition to fold its wings and drive on any surface road with a modern personal airplane platform. Once at the airport, the wings extend and the aircraft is ready for take-off. Both folding and extending the wings is done from inside the cockpit.

Other relevant points from the company FAQ include:

• The Transition can take off or land at any public use general aviation airport with at least 2,500 feet of runway; this includes the majority of the 5,000 public airports in the US.
• Since it will be certified as a Light Sport Aircraft, the Transition will require at least a Sport Pilot license to fly, which requires a minimum of 20 hours of flight time and passing a simple practical test in the aircraft; you will also need a valid driver’s license for use on the ground.
• The Proof of Concept Vehicle was built over 2007-2008 and testing was completed in 2009. First delivery is scheduled for late 2011.
• Over 80 aircraft have been reserved, representing an order backlog of over $16 million.
• The final purchase price of the vehicle has not been set, but we expect it will be between $200,000 and $250,000.

That last point pretty much kills the possibility for me. If any of you readers out there can afford that price tag, I’d be happy to wash your car in exchange for a ride anytime.