Steps for Purchasing an Aircraft
Updated: Jul 25, 2022
The thought of purchasing an aircraft can be intimidating. However, aircraft acquisition should not be a daunting fear, but rather an anticipated opportunity for higher levels of consistency, flexibility, safety, and efficiency. Knowing where to begin, how much it will cost, and what the overall process will look like are all valid inquiries that MPIJet wants to answer for you.
Step one: discover your aircraft's purpose
Aircraft acquisition begins with an expression of your desires and ends with the retrieval of an asset that specifically matches those desires. Determining your independent travel needs and deciding if your aircraft will be used mainly for personal or business use is the very first step. Knowing the reasons behind why you want to purchase an aircraft and how you hope it will be of benefit to you are key details in determining what aircraft is best for you. The following are questions you that will be helpful to ask yourself prior to initiating your hunt:
Will your asset be used for frequent or occasional travel?
Will it be used for long or short distance trips?
Will it be required to carry many passengers or just one to two (not including the pilots)?
How much cargo space are you hoping for?
Would you benefit more from a midsize cabin or a smaller cabin?
Are you focused more on the luxury or efficiency aspect of your aircraft?
These questions help our team decide what model and make of aircraft would be the greatest fit for you and your travel desires.
Step two: understand the costs
The costs associated with owning an aircraft are determined by factors such as the frequency of travel, how far you plan to travel, the regular maintenance of the aircraft, aircraft crew and management fees, and insurance premiums. There are no set prices associated with these elements, but a financial estimate can be discussed over a meeting with one of MPIJet’s team members. In addition, it is highly encouraged for new owners to inquire about possible tax considerations that may be beneficial to the owner.
Step three: meet with an MPIJet team member
After your intentions for purchasing an aircraft have been identified, the next step is to meet with one of MPIJet’s team members. Over a series of meetings, you can expect to discuss all potential aircraft options, financial and technical details, and FAA regulations that will need to be addressed throughout the process. After the ideal aircraft has been chosen, it will undergo a series of tests and inspections to confirm its airworthiness. During these inspections, MPIJet’s team will work to create a personalized management plan specific to your wants and desires. Once all legal documents and transfers are finalized, you will be a proud owner of your very own aircraft.
Step four: begin your search
If you are looking to purchase an aircraft within the new year or years to follow, MPIJet’s management team is ready and willing to help you every step of the way. We are here to provide you with estimates, professional advice, and competitive prices at your convenience. Schedule a meeting today to unlock all the possibilities at your fingertips or visit our ownership brochure for more details.