Aviation experts have said flying cars could be a regular feature over Britain's skies within just five years after US authorities formally approved a project which began only five years ago.
The Terrafugia Transition is basically a two-seater light aircraft which doubles up as a car that can drive at a top speed of 65mph (105kph). Its top speed in flight will reach 115mph (185kph) and to own a model of the world's first flying car it will set you back a sky-high £155,000 ($250,000) and drivers (or pilots) would require a minimum 20 hours training before a light aircraft licence would be granted.
A full tank will last 500 miles and it takes just 15 seconds for the wings to fold up and the rear wheels to power in - all with just one touch of a button.
So far more than 20 Britons have expressed an interest in the Terrafugia. In the US more than 100 people have already paid a deposit of $10,000 for the model which could be on sale as early as December 2012. Its founder Carl Dietrich says, "it's like a little transformer". In the company's website states you can simply land at the airport, fold your wings up and drive home.
The market will be primarily aimed at those in the US, where there are scores of airstrips and and several enthusiastic communities, reports the UK Daily Mail .
The National Highway Traffic Safety Administration in the US recently announced exemptions to allow the flying car to be driven on roads in the States. This clearance means it will be easier for the European Safety Agency, based in Cologne, Germany, to pave the way forward for the flying car to drive on Britain's roads as well as those across the EU, as confirmed by the Civil Aviation Authority.