First U.S. Flying Car Debuts

    This March 23, 2012 photo provided by Terrafugia Inc. shows the company's prototype flying car, dubbed the Transition, during its first flight. The vehicle has two seats, four wheels and wings that fold up so it can be driven like a car, and flew at 1,400 feet for eight minutes during the test. Commercial jets fly at 35,000 feet. (AP Photo/Terrafugia.com) MANDATORY CREDIT

    Terrafugia Inc. / AP Photo

    The first American-made flying car completed its first flight Monday, bringing it a step closer to going on the market next year. The Terrafugia Transition, which requires a runway to launch and will cost $279,000, flies at 1,400 feet and folds up so that it can be driven like a car. The government has given Terrafugia several key legal exemptions from automobile standards to make it a reality. More than 100 people have already paid the $10,000 deposit to get a Transition when it goes on sale. It will likely be marketed to the western United States, where the company believes it might catch on as a vehicle to travel long distances instead of driving.

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