Now You Can Invest in That Flying Car You Always Wanted
NEW YORK (MainStreet) Bored with bonds? Sick of stocks? Ready to allocate a portion of your portfolio into something you and George Jetson can really appreciate? Well now you can invest in that flying car you've always wanted.
Thanks to the Securities and Exchange Commission's recent new general solicitation ruling that recently went into effect, accredited investors can buy in to private startups and venture capital projects that were previously not allowed. That means if you have a liquid net worth of $1 million or more, you can invest in a burgeoning digital music platform, a new social network, "next generation" hearing aids or, yes, that flying car.
New online platforms for these startups seeking public funding are springing up daily and include wefunder and Angel List as well as dozens of individual sites directly pitching their own ideas to investors.
The flying car is touted by a company called Terrafugia. Slated for delivery in 2015, the vertical takeoff two-seater vehicle claims a top speed of 200 miles per hour and end-to-end autopilot. Plus, it's street-legal and yours for only $279,000 -- excluding tax, title and license.
With foldable wings, the "Transition" converts from skyway to highway in "less than a minute" and fits in your garage. Wait until your neighbors see you drive up and park this thing. Fueled with standard premium unleaded gasoline, it has a range of 400 flying miles at a cruising speed of 100 miles per hour. The Transition claims 35 MPG on the highway, when loping at a ground-bound 65 miles per hour.
Terrafugia says you can be licensed to fly the machine in as little as 20 hours.
For those of you concerned about safety, the Transition does include airbags, though of course they would be of limited use during an air bound emergency. No worries. The Transition offers a full vehicle parachute.
The company claims $30 million in pre-orders.
"Roads? Where we're going, we don't need roads."
--Written by Hal M. Bundrick for MainStreet