Flying Car Pre-Order Will Cost You $1 Million

Slovakia-based AeroMobil unveiled its new two-seat flying car in Monaco on Thursday, which could be yours as early as 2020 for somewhere between $1.3 and $1.5 million.

“Today is a transformative day for the future of travel as the launch of the AeroMobil means that everyday flying transportation will soon be a reality,” Juraj Vaculik, co-founder and CEO of AeroMobil, said in a press release. The company said it is planning to accept the first pre-orders for the vehicle as soon as later this year.

The hybrid car transforms into a light-framed plane in about three minutes and is equipped with a rear propeller and wings that fold back for driving on roads. AeroMobil can fly at speeds up to 99 mph and has a range of about 465 miles, according to the company.

Before you get out your checkbook, be aware that you will need a pilot's license to operate the flying car.

"I think it's going to be a very niche product," Philip Mawby, professor of electronic engineering and head of research at the University of Warwick, told the Los Angeles Times.

Mawby noted flying cars won't become a mass-market reality anytime soon, thanks to the price tag and the ongoing flight safety issues. According to Reuters, governments have begun studying how to regulate drones and driverless cars. Plans are also being studied to create safe corridors in which these future flying machines can navigate.

An untested prototype of the AeroMobil 3.0 made headlines when it was unveiled in 2014. The following year, inventor Stefan Klein made a failed test flight and was unharmed when it crashed.