Flying car coming to New York auto show

A flying car is set to make its debut at next month's New York International Auto Show. And with about $280,000 you may be able to buy one by the end of the year. 

The Transition is the brainchild of Massachusetts-based Terrafugia Inc., a company founded by pilots and MIT engineers.

The company describes its the Transition as "a roadable aircraft." The Transition has folding wings, a propeller and the equipment to "be driven on roads like a car or flown as a two-seat aircraft," it said.

The flying car has been shown at aviation trade events, but next month will mark its mainstream debut.

In New York, the company plans to unveil its latest prototype during a press preview and leave it on display throughout the auto show to give attendees a chance to "get up-close and personal with the street-legal vehicle." 

The Wall Street Journal said the move is part of a strategy to increase interest in the product outside the aviation community and to seek out potential investors. 

MSNBC said interested buyers would have the option of putting down a $10,000 deposit to buy one of the $279,000 flying cars. 

Customers could expect to start taking delivery of their new toys before they ring in the next new year. 

"A new round of flight tests are scheduled in the next month and if all goes well, the company expects to stay on schedule to begin delivering the Transition to customers toward the end of this year," the Wall Street Journal said.