AeroMobil displays their latest prototype of a flying car, in Monaco, Thursday, April 20, 2017. The light frame plane whose wings can fold back, like an insect, is boosted by a rear propeller.

(Claude Paris/AP Photo)

It may sound like the stuff of a science-fiction movie, but for a little more than $1 million, you could soon be the proud owner of your very own flying car.

Slovakia-basedin Monaco on Thursday, which could be yours as early as 2020 for somewhere between $1.3 and $1.5 million.

“Today is a transformative day for the future of travel as the launch of the AeroMobil meansthat ,” Juraj Vaculik, co-founder and CEO of AeroMobil, said in a press release.The company said it is planning to accept the first pre-orders for the vehicle as soon as later this year.

The hybrid car transforms into alight-framed plane in about three minutes and is equipped with a rear propeller and wings that fold back for driving on roads. AeroMobil can fly at speeds up to 99 mph and hasa range of about 465 miles, according to the company.

Before you get out your checkbook, be aware that you will need a pilot's license to operate the flying car.

There are some challenges associated with the future of flying cars. The Aeromobil must take off from a runway, and with hundreds of these cars darting about in the air, it could prove difficult for air traffic controllers.

"I think ," Philip Mawby, professor of electronic engineering and head of research at the University of Warwick, told the Los Angeles Times.

Mawby notedflying cars won't become a mass-market reality anytime soon, thanks to the price tag and the ongoing flight safety issues. According to Reuters, how to regulate drones and driverless cars. Plans are also being studied to createsafe corridors in which these future flying machines can navigate.

An untested prototype of the AeroMobil 3.0 made headlines when it was unveiled in 2014. The following year, inventor Stefan Klein made a and was unharmed when it crashed.