World's First Flying Car is Ready; Priced $279,000

If you've always wanted to own a flying car, stick around, it's about to become a reality!

The Terrafugia Transition is a two-seater airplane, with foldable wings and four wheels - it can be driven just like any other car and is expected to debut at the New York International Auto Show, in Manhattan.

Terrafugia, an aerospace company founded by pilots and engineers from the Massachusetts Institute of Technology, has been working to get into the aero-car market for the past few years.

The Transition has a 100hp engine that gives 35 miles to the gallon and can reach speeds of 90 mph on the ground and 115 mph in the air. This flying car can be parked in a single-car garage but when flown must take off and land at an airport - like any other plane. Of course, you will also need a pilot's license to fly the Transition and it is expected that 20 hours of flight time, in this case, should be enough for that formality.

"The successful first flight of this Production Prototype Transition marks a critical move toward initial production and first delivery," said Anna Mracek Dietrich, the Chief Operating Officer of the company, in a statement, adding, "Terrafugia will continue its testing program in preparation for first delivery, which is expected to occur within the next year."

As may be expected, the Transition already has something of a fan following and, apparently, around a 100 people have already put down a $10,000 deposit to be one of the first to own the car (the plane?) when it goes on sale. The manufacturers expect the numbers to rise after the vehicle is unveiled at the New York Auto Show.

The flying car comes at a base price of $279,000.