A mobile skateboard-shaped toy which is propelled by a displaceable flywheel is described. The skateboard-shaped toy comprises a skateboard deck with the flywheel positioned within the skateboard deck. The flywheel is positioned such that the flywheel protrudes beyond a top portion and a bottom portion of the skateboard deck. The flywheel is rotatable within the skateboard deck to change a rotational direction of the flywheel with respect to a major axis of the skateboard deck. Additionally, the flywheel can be repositioned at different ride heights within the skateboard deck. In one aspect, the flywheel is removable from the skateboard deck to allow the flywheel to be easily repositioned within the skateboard deck or replaced with another flywheel.