Flying Car a Reality: Ready by the End of the Year for $279,000? (VIDEO)

Flying cars could go on sale within the next year, according to one Massachusetts designer who claims to already have a prototype tested.

Terrafugia Inc. is considering introducing a new airplane that has the ability to drive the streets as well. Based in Woburn, Mass. the company is currently in the process of testing one of its latest models, the Transition. Deemed a "street-legal plane," the Transition can transform itself from a plane to a car in under a minute, according to the company's website.

"Transition® brings a new level of freedom, flexibility, and fun to personal aviation. It gives the pilot the option to land and drive in bad weather, provides integrated ground transportation on both ends of the flight, and fits in a standard single car garage at home," the flying car manufacturer wrote.

The new high tech car will offer steering functions for both flying and driving. It is also considered a hybrid and can be powered by electricity.

This is the right time for us to begin thinking about the future of the company beyond Transition® development," Terrafugia CEO/CTO Carl Dietrich said in a statement. "We are passionate about continuing to lead the creation of a flying car industry and are dedicating resources to lay the foundations for our vision of personal transportation."

Last month the car was able to do a test round at about 1,400 feet in the air for a total of eight minutes, according to Yahoo!. At least 100 people have put down a $10,000 deposit, according to the report. The company has set a goal of selling its first flying car before the end of the year. The expected cost of the car will be around $279,000.

The company has stated that the new design could benefit the economy and help clear up congested roads.