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Colonel Phil Meteer has successfully flown a vehicle that can function as a car and as a plane at the Plattsburgh International Airport. The flying car is called the Terrafugia Transition and it is a two seater craft that can transform from car to plane in 30 seconds. The Transition can fly at 115 miles per hour and can go for 400 miles on a single tank of gas. When driving the vehicle gets around 30 miles per gallon and will be available in 2010 for $200,000.
Source:VNUNET