The Terrafugia Transition acts like a normal car in many ways until its wings come down. It has a top speed of 65mph and its fuel consumption is 35mpg.

However, when it's converted at the touch of a button, the Transition's wings span 28 feet and six inches. This might mean many aviation and motoring enthusiasts may have to sell a car for cash just to fit the new model in the garage.

In flight, the Transition has a top speed of 115mph and consumes five gallons of fuel an hour. Just 20 hours of training are required to fly the unique automobile.

"It's like a little Transformer," exclaimed Carl Dietrich, the founder and chief executive of Terrafugia, according to Sky News.

The project has spent five years in development. At times Dietrich feared his vision would never see the light of day after costs rose dramatically to £12 million last year, but all was saved when the US military invested £40 million into developing a flying Humvee.

Already there are around 100 US customers who have deposited $10,000 (£6,178) and more than 20 Britons to secure one of the vehicles. It is expected that the vehicle will be released some time late 2012.

"This breakthrough changes the world of personal mobility," concluded Dietrich.

"Travel now becomes a hassle-free integrated land-air experience. It's what aviation enthusiasts have been striving for since 1918," he added.