Honda is probably best known as the manufacturer of small, reliable and affordable cars. And while owning an Accord or Civic might go some ways towards establishing your reputation as fiscally sensible, the Honda badge attached to anything has had little cachet in the envy department. All that may change as the Japanese industrial giant is poised to release its first plane available to the general aviation market, called simply: HondaJet

The HondaJet, or HondaJet HA-420 if you want to get technical about it, is poised to be a competitive entrant in the very light jet (VLJ) market. The first deliveries of the jet, manufactured by subsidiary Honda Aircraft Co., are expected in the first quarter of 2010.

The aircraft’s design breaks with aerodynamic orthodoxy by podding the engines, two GE Honda HF120 Turbofans, above the wings, as opposed to traditional configurations which hang them below or fix them to the fuselage. Further innovations include the use of light weight composite materials in the fuselage and wings made from single sheets of aluminum. The result is a jet which is 30 to 35 percent more fuel efficient than most jets in its category.

As much as the HondaJet is a departure from the company’s automotive core business, Honda will bring some interesting aspects of the car industry to its VLJ. For one, the HondaJet will be offered in a number of eye catching colors like HondaJet Red and HondaJet Metallic Silver. Honda will also introduce an innovative sales system. The company will house showrooms for the jet at airport’s FBOs around the country.

The HondaJet is expected to retail for around $3.65 million, substantially more than the Eclipse 500, a VLJ priced at $1.595 million. The Eclipse 500 along with the Cessna Mustang, will likely be HondaJet’s two biggest competitors. While both jets offer similar ranges (1,256 miles for the HondaJet and 1,295 miles for the Eclipse), the HondaJet has a slightly higher top speed of 485 miles per hour compared to the Eclipse’s 425 miles per hour. The price difference can be attributed to the jet’s use of more exotic materials and experimental engineering, two factors that should reduce the aircraft’s overall operating costs.