A technology start-up company founded by MIT graduate students could have a flying car to market as early 2009, according to CNet. The company, Terrafugia, is working up a SUV-cum-aircraft that will be able to carry two people and luggage on 100- to 500-mile jumps using a tank of premium unleaded gas. A working prototype is expected by 2008, but the company will display a scale model of its Transition Personal Air Vehicle at the EAA AirVenture Conference in Oshkosh, Wisconsin this July. Book your flight now, Oshkosh is murder in the summer. [Thanks to Chris and Jeff for the tip.]

Flying Car Ready for Takeoff [CNet]

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More on Flying Cars [internal]