The imminent introduction of flying cars in the traffic fleet is anticipated to modify the mobility patterns of urban commuters. Flying cars' hybrid operation on the ground and in the air, in conjunction with their (semi-) automated capabilities, may lead to more appealing trip considerations, such as travel time, fuel consumption, or environmental emissions, as well as to the emergence of new sources of concerns for the potential users. In this context, the future adoption of flying cars is directly associated with individuals' perceptions of the benefits and concerns arising from the use of flying cars. This paper aims to identify the perceptual patterns of individuals towards travel time, cost and environmental benefits, as well as towards challenges arising from key flying cars operational characteristics. To that end, grouped random parameters bivariate probit models of individuals' perceptions are estimated using data collected from an online survey of 692 individuals. The statistical analysis shows that a number of sociodemographic, behavioral, and attitudinal characteristics affect respondents' expectations and concerns towards the adoption and implementation of flying cars. Even though individuals' perceptions are anticipated to undergo substantial changes until the introduction of flying cars in the traffic fleet, the findings of this work may shed more light on perceptual nuances with critical effect on public interest about the adoption of flying cars.