Yes! it is as Moller's latest design, the Skycar M400, is designed to take off and land vertically, like a Harrier Jet, in small spaces. It can reach speeds of 400 mph (644 kph), but will cruise at around 350 mph (563 kph), and it has a range of 900 miles (1449 km). Gasoline, diesel, alcohol, kerosene and propane can be used to fuel the Skycar, and its fuel mileage will be comparable to that of a medium-sized car, getting 20 miles (32.2 km) to the gallon. The initial cost of a Skycar will be about $1 million, but once it begins to be mass produced that price could come down to as low as $60,000.

You may be surprised to know that Paul Moller has spent 40 years and millions of dollars developing his Skycar. He is now very close to developing the first mass-marketed flying car. In 1965, he demonstrated his first attempt, the XM-2, which hovered off the ground but didn't go anywhere. In 1989, Moller unveiled the M200X, which has now flown 200 flights and can go as high as 50 feet (15.24 meters).

As their production is very costly they are currently not widespread and popular. No doubt this is an age of technology and soon skycar hits the market it surely will gain popularity.
Source(s):
www.howstuffworks.com

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