I'm putting this on my Christmas wish list NOW! Nevermind I'll have to wait another 15 years to get it.
Italian designer Pierpaolo Lazzarini came up with this concept flying car based on the Isotta Fraschini Tipo 8 car built in the 1920s. The Mirror.com reports the hovercar is designed with 4 jet turbines similar to what commercial aircraft use and would travel at speeds over 300 mph.
"Four jet engines are mounted on an extremely light carbon body structure," the designer said in a release. "The vehicle measures 4500mm (4.5m/15ft) in length, can hover vertically, moving forward thanks to a system of specially fitted flaps."
A video posted to YouTube demonstrates how the car would fly. It would take off like a helicopter using electric motors and can carry up to two passengers. No mention of a price tag but probably if you have to ask the question, you won't be able to afford it. Don't look for a working model anytime soon.