A number of businesses have been pursuing this dream for a long time but none has taken off yet.
The car, technically called theTransition, has foldable wings which retracts when it is on the road.
Terrafugia has said that the car will be ready for sale by the end of the year.
It is expected to sell for $279,000 and about 100 of the aircraft/car have already been booked.
The tires are heavier like any other small aircraft to handle landings as well as road driving.
“This is an aeroplane first and foremost.
The idea is you could drive it to and from a regulation airport.
The 2012 New York International Auto Show will be held from April 6 through the 15th.
