It doesn't look anything like the flying car driven by Ron Weasley in Harry Potter and The Chamber of Secrets, nor is it magical like Chitty Chitty Bang Bang, but we are finally going to have a flying car. Or a "roadable aircraft" as they prefer it be called.
"Although the term "flying car" makes for an easily graspable mental image, Terrafugia prefers to call it a roadable aircraft because the Transition will spend most of the time in the air. Owners will, ideally, drive the two-passenger vehicle from their garage to an airport. At that point, the retractable wings will be unfolded and it will turn into a plane."
The company developing the space-age cars/planes, Terrafugia, expects the cars..I mean planes...whatever you want to call them, to be out as soon as 2009. And they are already accepting downpayments of 5% towards the purhase price to ensure you get one once they are released. Read the article here on CNET News