Some of us have been waiting decades for our promised flying cars ( and jet packs) and now they’ve finally arrived.

It’s been a bumpy road for the Terrafugia company in its development of a “roadable aircraft” over the past seven years, but its Transition Aircraft just received its special exemptions from the National Highway Traffic Safety Administration on 6/30/11 clearing the way for commercial sales in 2012.

The exemptions allow the dual-use vehicle, which can be driven on US roadways but can also take-off and fly under the FAA Light Sport Aircraft catagory.

The Transition will sell for about $250,000 and fly for 460 miles. If you’d like one, just plonk down $10,000 deposit to get on the waiting list.