The FAA approved the Terrafugia Flying Car, which look pretty awesome! It will be available next year, and as long as you have a pilot’s license and $194K, you’re good to go!

The test prototype has been flying for about a year, but plane-maker Terrafugia will unveil its production-class plane next month at the Experimental Aircraft Association’s annual convention in Oshkosh, Wisc.

The Transition drives like a car, uses normal high-octane gasoline, has front-wheel-drive and even comes with airbags. Its fuel economy is about 30 miles per gallon. But unlike your Prius, it can unfold its wings and fly. You’ll only need a one-third of a mile strip for a runway, meaning you could conceivably use your own street. It is powered by a rear propeller and flies about 115 miles per hour.

Okay,… Hmm…. I think that for the price, I would want more than 30 mpg, but that it take regular gas — to be able to get to work … oh in about 4 minutes!… that might be worth thinking about it more when the price comes down $150K to a more affordable price.

Read more about this flying car.