Estimating time to contact (TTC) involves multiple sensory systems, including vision and audition. Previous findings suggested that the ratio of an object's instantaneous optical size/sound intensity to its instantaneous rate of change in optical size/sound intensity (τ) drives TTC judgments. Other evidence has shown that heuristic-based cues are used, including final optical size or final sound pressure level. Most previous studies have used decontextualized and unfamiliar stimuli (e.g., geometric shapes on a blank background). Here we evaluated TTC estimates by using a traffic scene with an approaching vehicle to evaluate the weights of visual and auditory TTC cues under more realistic conditions. Younger (18-39 years) and older (65+ years) participants made TTC estimates in three sensory conditions: visual-only, auditory-only, and audio-visual. Stimuli were presented within an immersive virtual-reality environment, and cue weights were calculated for both visual cues (e.g., visual τ, final optical size) and auditory cues (e.g., auditory τ, final sound pressure level). The results demonstrated the use of visual τ as well as heuristic cues in the visual-only condition. TTC estimates in the auditory-only condition, however, were primarily based on an auditory heuristic cue (final sound pressure level), rather than on auditory τ. In the audio-visual condition, the visual cues dominated overall, with the highest weight being assigned to visual τ by younger adults, and a more equal weighting of visual τ and heuristic cues in older adults. Overall, better characterizing the effects of combined sensory inputs, stimulus characteristics, and age on the cues used to estimate TTC will provide important insights into how these factors may affect everyday behavior.