And why, exactly, do you think a brand-new 172 is the reasonable thing to compare against?
There's no reason to only examine new aircraft, but even if you insist on that, you can do vastly better. For example, a Pipistrel Sinus will set you back about $86,000:
Compared to the Terrafugia, you can buy that, plus two $30,000 cars, and still have $133,000 left over to rent more cars. Or, say, buy a house. The Sinus also carries more weight, flies faster, burns less fuel, has a better range, and requires vastly less runway.
It's also probably substantially safer in the event of an engine failure. I don't see a glide ratio listed for the Transition, but just from looking at its relatively large frontal area, low-aspect-ratio wings, and gigantic road-sized front wheels exposed to the air with naked struts, I'd guess it's probably in the Cessna range of 10 or under. The Sinus has a glide ratio of 27, meaning you can get quite far to an airport if the engine quits. It's actually a decently performing glider in addition to a regular airplane.
If you expand the search to used aircraft, you can get quite cheap. For example, Cessna 152s in decent shape can be had for under $40,000, and that's not even the cheapest option.
There's no reason to only examine new aircraft, but even if you insist on that, you can do vastly better. For example, a Pipistrel Sinus will set you back about $86,000:
http://www.aviationbull.com/sinus
Compared to the Terrafugia, you can buy that, plus two $30,000 cars, and still have $133,000 left over to rent more cars. Or, say, buy a house. The Sinus also carries more weight, flies faster, burns less fuel, has a better range, and requires vastly less runway.
It's also probably substantially safer in the event of an engine failure. I don't see a glide ratio listed for the Transition, but just from looking at its relatively large frontal area, low-aspect-ratio wings, and gigantic road-sized front wheels exposed to the air with naked struts, I'd guess it's probably in the Cessna range of 10 or under. The Sinus has a glide ratio of 27, meaning you can get quite far to an airport if the engine quits. It's actually a decently performing glider in addition to a regular airplane.
If you expand the search to used aircraft, you can get quite cheap. For example, Cessna 152s in decent shape can be had for under $40,000, and that's not even the cheapest option.