By LAWRENCE TAN

The concept of a “flying car” is not new but their appearances have so far been relegated in James Bond-esque spy thrillers or cartoons (some of you may recall a certain Matt Trakker and the name Thunder Hawk from a popular series from the '80s). To date, no concepts have ever made the crossover to actual production.

But that may soon change in a couple of years if Terrafugia, a company founded in 2006 by a group of MIT-trained aeronautical engineers, has its way. The company, based just outside of Boston, Massachusetts, has recently completed its first successful test flight of what could possibly be the world’s first “flying car” which they called Transition.

Terrafugia’s chief executive officer Carl Dietrich said: "This breakthrough changes the world of personal mobility. Travel now becomes a hassle-free integrated land-air experience. It's what aviation enthusiasts have been striving for since 1918."

For its first test-flight, which took place at the Plattsburgh International Airport on 5 March, retired U.S. Air Force Colonel Phil Meteer piloted the roadable aircraft to a distance of 3,000 feet in a 37-second flight. However, Terrafugia says the Transition is capable of cruising up to 450 miles at over 115mph.

In automobile mode, the front wheel drive vehicle has its wings folded up, and fits in a standard garage. Thirty seconds is all it takes to complete the transformation from car to airplane. The Transition runs on unleaded gasoline both on the road and in the air.

However, prospective owners would have to possess a Sport Pilot license in order to fly the Transition, as the car is being classified as a Light Sport Aircraft.

With more flight tests and a pre-production prototype in the works, it could be another couple of years before the Transition gets a proper rollout. The company has already received 40 orders for Transition, which carries a $194,000 price tag and a refundable deposit of 10 grand.