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The development of a universal personal air vehicle has been the dream of aeronautical visionaries since before the time of the Wright brothers' first flight. Through fits and starts the modern general aviation market developed both before and after the Second World War. However, the true personal airplane, one that rivals the automobile, has never emerged. There are a multitude of reasons for this; however, it is not possible to identify any single cause as the key component. Instead it is the complex interaction of regulations, market size, and technical and program risk. This paper shows that in the current environment there are few truly technical barriers to the development of a low-cost personal air vehicle. Instead, the market, regulatory, and program issues have come to dominate the problem. This means that the current impediment to the development of personal air vehicles is essentially an issue of finding a means to “close the business case.”