Earlier this year the world saw the first flight of a road-registered flying car when the Transition Roadable Aircraft made its maiden flight. Now its maker, Terrafugia, is saying that this road and air worthy vehicle will be available to consumers by 2011.

Although there has been talk of "flying cars" for many years, until recently there hasn't been a practical offering that can truly operate on both public roads, and in the skies. Now Terrafugia has developed a very late-stage operational prototype vehicle that it says is capable of flying at 115 mph while covering up to 450 miles in the air, or travel on roads at up to 65 mph.

The key features that make the Transition Roadable Aircraft a viable option are found in the fact that the vehicle can actually drive on normal roads, and fit inside a traditional parking spot or garage just like a normal car. Impressively, the transformation which folds the wings either in or out takes place in less than 30 seconds - roughly the same time as many convertibles on the road today.

Terrafugia says that it set out with the intent of creating a vehicle versatile enough to allow pilots to get to and from airports without the hassle of storing extra vehicles. It also eliminates the need for special hanger storage as well.

You can reserve your own flying car now for $10,000, but expect to tack on another $185,000 upon delivery in order to reach the total expected selling price.