A new all-terrain vehicle which is also capable of flight will go on sale this week.

The model, dubbed SkyRunner, will go on sale following a debut in Florida at a price of $139,000 - or £108,364. First deliveries are expected in 2014.

Rather than using a traditional fixed-wing arrangement to achieve flight, the SkyRunner instead uses a powered parachute, and is able to convert from road to flight mode inside three minutes.

The model is powered by a 1.0-litre EcoBoost engine, which puts out 123bhp and 148lb ft of torque. In total, the SkyRunner weighs 420kg and can accelerate from 0-60mph in 4.3 seconds. Speed is limited to 55mph in the air, and 115mph on the ground. The SkyRunner has a range of 500 miles on the road, averaging 53mpg, and 200 nautical miles in the air.

Its makers say the SkyRunner "combines reliability, ease of use and portability into one adventurous package".

The craft's makers point to powered parachutes being considerably safer than traditional fixed-wing aircraft. When airborne, pilots have just two extra controls in the form of pitch and roll functions. The model has a limit of 10,000 feet above sea level, and at present can only be flown in daylight. According to SkyRunner, beaches, open fields and grassland will be used to land the model rather than traditional runways.

A license to fly the SkyRunner can be obtained with 12 hours of lessons, and is open to anyone over 17 and with a valid medial certificate. The company says SkyRunner is aimed at large land owners, farmers and emergency medical teams among others.

Even though SkyRunner was designed by UK-based Parajet Automotive, it is currently not known whether there are plans to sell the model in the UK.

Company founder Stewet Hamel said: "This vehicle will change the way people experience their world and provide pure enjoyment of flight. Imagine driving an all-terrain vehicle that can convert from road to air mode in three minutes with SkyRunner, that dream has become a reality."