The video above is a PAL-V flying car. It is not necessarily the first flying car but it is a milestone in the auto gyro world. The PAL-V is the first combination vehicle to meet international standards for both flying and driving. The PAL-V acronym is short for Personal Air and Land Vehicle and apparently can go from sports car to gyro copter in a matter of minutes. One thing about it, when these things go commercial you will definitely be wanting one.
Image Source: Google