While Terrafugia has been readying the Transition flying car in Massachusetts, another company in the Netherlands has been developing its own flying car. This fall, after 13 years of R & D, the PAL-V One (www.pal-v.com) will be offered for presale for $395,000. In 10 minutes, the two-seat three-wheeler converts from a road-going vehicle that handles like a motorcycle to a gyrocopter designed to cruise below 4,000 feet. Its rotary wing, which folds and unfolds semiautomatically, is unpowered; the forward motion of the vehicle, which can reach 112 mph, spins the wing to provide lift. Flying the PAL-V One requires a sport-pilot certificate.