The company Terrafugia has been developing the Transition® roadable airplane for several years and has flown a prototype. It should finally go to market within a year or so.  Today the company announced plans for a second generation personal flying vehicle called the TF-X™, which will take-off and land vertically and still be drivable on roads.

• Terrafugia Shares TF-X™ Vision – Terrafugia – May.6.13
• Terrafugia Unveils New TF-X Project, Talks Future of Flying Cars | Xconomy

Here’s a video of the design: