Here we are seven years into the new millennium and there isn’t a flying automobile in sight. Wasn’t the future supposed to look a lot more cool by now? If a European company is correct with their prediction we may have the means to turn your vehicle into a flying craft and in only four short years.

The design sketch is for the PAL-V, or Personal Air and Land Vehicle. Designed by Dutch-based inventor John Bakker the vehicle uses a Dynamic Vehicle Control system so that when it’s rolling on the ground using its three wheels it won’t go flipping off the road and when it’s flying in the air the gyroscope keeps the unit level.

You should be able to get an altitude of 1,500 meters and the vehicle can run on either gas or biodiesel. A prototype unit is being assembled at present and PAL-V Europe has plans to have the flying cars on sale to the public in 2011. That wait may be a good thing since it’s estimated that each PAL-V One will cost you somewhere in the neighborhood of $141,000. Does it come in iridescent pearl?

Pal-V via Crave