The time has come. After decades of fantasising, it is now possible to place an order for a flying car that meets every flight and road regulation. And you could be flying and/or driving it by this time next year.

The PAL-V Liberty is a Dutch two-seat three-wheeler using a Rotax dual-propulsion system, the driving engine producing 99bhp and the flying one generating 197bhp.

On the ground, with the rotor blades packed away rather neatly on the roof, the Liberty has a claimed range of over 800 miles (based on a 31mpg average), a 0-62mph time of 9.0sec and a top speed of 100mph.

Reach your chosen take off location, which must be a small airstrip, glider site, or similar rather than just a long stretch of quiet road, and spend 5-10 minutes on conversion work – unfolding the tail section and two rotor blades and taking out the propeller. Then you’re ready to take to the skies.

Thrust is provided by the engine powering the rear rotor. The main rotor above the vehicle is spun by air movement alone to create vertical lift. The air range is over 300 miles, maximum airspeed is 112mph and the maximum altitude 3500 metres.

All sounds pretty good so far until you get to the price, which starts at 499,000 euros or about £425,000. That’s the premium you pay for being an early adopter. Once the first tranche of ninety Pioneer Editions has been completed, Liberty Sport versions will be released at prices starting from around £225,000.

You’ll also need to factor in the cost of flying lessons, as you’ll need a licence to fly it.