The PAL-V Liberty was created by a team in The Netherlands and has now officially been given the green light by the European motor vehicle regulator, making it legal to operate on the highways that normal cars use.
So far, there have been 80 orders for the unusual vehicle and the makers want to sell it as an aircraft from 2022, according to reports in The Times.
It's been a long journey to this lofty position, given that the thing first left the ground in 2012 in prototype form.
The final version will be built in India and will - as we've mentioned - set you back 300,000 Euros, or about £270,000.
If you're thinking of getting one to jet about on the roads or in the skies of mainland Europe, you'll have to get a basic pilots license before taking the reins.
It's got a range of hundreds of miles and can even get up to around 100 miles per hour on the floor.
You can take a mate along with you, as the aircraft/car takes two people, and it produces 230 horsepower from a four-cylinder engine.
It takes 10 minutes for the car to change into a gyrocopter, and can do 0-60 in less than eight seconds.
Basically, it's like something out of a James Bond film, but you could actually own one pretty soon, provided you're qualified and absolutely wedged.
The chief technical officer of Liberty, Mike Stekelenburg, said: "We have been co-operating with the road authorities for many years to reach this milestone.
"The excitement in the team is huge. It was very challenging to make a 'folded aircraft' pass all road admission tests."
They're not the only companies currently trying to get this sort of craft off the ground, so to speak. In fact, Porsche and Boeing are working on drone-like taxis which may be ready for the market in 2025.
The Liberty model weighs in at 1,500lbs, and needs a 540 feet runway to take off, but only 100 feet to land once again.
It's got a motorbike-style handling system, and is made of carbon fibre, titanium, and aluminium.
The CEO of Liberty, Robert Dingemanse, said last year: "After years of hard work, beating the technical and qualification challenges, our team succeeded in creating an innovative flying car that complies with existing safety standards, determined by regulatory bodies around the world."