07/05/2013 05:34 BST | Updated 07/05/2013 05:41 BST

Terrafugia TF-X: Vertical Take-Off Flying Car Is The Vehicle You Wanted When You Were Five (PICTURES) (VIDEO)

Whether you grew up with 'The Jetsons' or 'Back To The Future', part of any child's vision of the future included cruising to work in your very own flying car.

One company determined not to disappoint a generation of aspirational kids is Terrafugia, a Massachusetts based team already known for making the Transition (see video below).

Now they have gone a step further and announced they are developing a vertical takeoff and landing vehicle called the TF-X which could, in theory, hop over traffic and fly for 500 miles.

Terrafugia (which translates as "escape the Earth") CEO, Carl Dietrich, said in a statement: "Terrafugia is about increasing the level of safety, simplicity, and convenience of aviation.

"TF-X is an opportunity to provide the world with a new dimension of personal freedom."

Photo gallery Terrafugia Flying Cars See Gallery

The TF-X it would be far closer to the dream of a car that can fly than the Transition, which even Terrafugia admits is more like a plane you can drive.

The vehicles propellors on the end of its compact wings tilt to allow for varying lift and thrust, and it has an emergency parachute if things go wrong.

The concept for the new vehicle is certainly an enticing one although the thought of countless personal vehicles taking off and landing all over the place is going to have to be accompanied by a huge rethink in civil aviation laws.

Even Terrafugia admit development is expected to last 8-12 years, but if you're confident in your need for such a machine you can already reserve one at their website.