Maybe you remember Terrafugia, the company that brought a flying car to the 2012 New York Auto Show’s hallway.

It didn’t have a booth beside conventional automakers, but then again there’s nothing conventional about its products. Product delivery for the Transition, which features folding wings and 100 unit orders as of last year’s show, are still pending. Despite that, the Massachusetts company unveiled a new concept this week that builds on the futuristic flying car idea.

Terrafugia calls its latest concept the TF-X. The company’s newest vision doesn’t need the roughly 1,700 feet of runway space to take off that the Transition does. Instead, the vehicle is able to take off like a helicopter and fly forward using a rear-mounted propeller.

“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,” Terrafugia CEO Carl Dietrich said.

Meanwhile, there are still the 100 orders for the Transition, which has gone through two design phases so far and is about to enter a third. That vehicle was said to cost $279,000 in New York last year.

The TF-X remains a concept for now, and the company hasn’t offered any price hints.

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It’s not science fiction any more. A company called Terrafugia was on hand at this week’s New York Auto Show, showing off a flying car – with video proof that it both flies and drives.

Actually more of a driving airplane, the Terrafugia team has been working on this car for years, completely revamping a prototype model they built back in 2009.

To find out more about the aptly-named Transition, how it works and what it costs, watch AutoGuide’s first look video below.

GALLERY: Terrafugia Transition

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It’s not science fiction, it’s a genuine flying car. Unveiled today at the New York International Auto Show the Terrafugia Transition is actually more of a street-legal airplane designed for occasional use on the road.

Still, it is certified for the street using an aircraft engine that powers the rear wheels and can get 35 mpg with a top speed of about 80 mph. Press a button and the wings fold out. You’ll need about 1700 feet of runway space (no taking off from the street) and once airborne the Transition can cruise at 120 mph for a range of 450 miles.

Inside the cockpit there are car and airplane controls with a steering wheel, brake and gas pedal. Once the wings are out, you can then operate the console-mounted throttle, the control stick that rises up from the floor and the two additional pedals that control the rudders.

Awaiting its final flight certification the Transition retails for $279,000 and company representatives say a total of 100 units have already been pre-ordered.

GALLERY: Terrafugia Transition Flying Car

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That’s right—the only flying car you can buy today has just been approved for terrestrial driving by the National Highway Traffic Safety Administration. The organization had to grant a special exemption for the Terrafugia Transition, under the provision of “roadable aircraft.”

Unlike most light aircraft, the Transition needs automotive technology such as crumple zones and dual airbags to remain roadworthy. And like a car—or an expensive one, anyway—the Transition features a carbon fiber safety cage and takes unleaded gasoline, albeit high-octane. Hey, airplanes aren’t cheap.

The Transition could allow pilots to land early and drive to their destination if they encounter bad weather, as the car has a 500-mile range. Its 26-foot wings can fold in less than a minute, and can reach 115mph in the air and 65mph on the roads. And so far, how many rich people have sprung for this proof-of-concept? At $250,000, the first 100 orders have all been accounted for.

Roads? Where we’re going, we don’t need roads.

[Source: CNET]