5 Reasons to Upsize Your Yacht
In the iconic 1975 blockbuster Jaws, Roy Scheider’s character is stunned by the appearance and size of the killer shark he and his partner have been hunting as it circles the small fishing boat where he stands chumming on the aft deck. Cigarette clenched firmly between his teeth, he squints, turns to Richard Dreyfuss, and utters a line familiar to boaters all over the world:
“You’re gonna need a bigger boat.”
You might not be hunting sharks.
You might not be even looking to buy a new boat.
You might be perfectly satisfied with your current boat, yet you find yourself browsing brokerage sites for hours every week, just to “see what might be available.”
But with major boat shows just a few short months away, it’s a line you’ll probably repeat to yourself over and over as you wander the docks in Cannes, Seattle, Ft. Lauderdale, Miami, Dubai, Newport Beach, or another boat show near you.
Somewhere down the dock, you fall head over heels in love with that bigger version of the yacht you own. You just can’t get that line from Jaws out of your head.
“You’re gonna need a bigger boat.”
Here are some good reasons to reassure yourself that upsizing to a bigger boat is the right thing to do.
You need more room.
The way you use your yacht determines how much room you really need.
Do you enjoy extended offshore cruising for weeks or months at a time? Are you a devoted weekend cruiser? Do you navigate, operate, and maneuver the yacht yourself, or do you have a crew? Do you enjoy sports activities like kayaking, fishing, or diving? Are you more the “relaxing on deck” type?
Is it just the two of you? Do you frequently cruise with family or guests? Perhaps you’re finding the family growing, with kids and grandkids clamoring to share the experience of being out on the water with you, and inviting themselves to spend two weeks in the Bahamas? How’s that two- or three-stateroom layout working for you?
Or you want to have enough space for your friends to enjoy the privacy of their own onboard suite, without having to share a cramped head or crowded companionways.
Maybe you entertain frequently, and need to be able to host comfortable, elegant dinners for 12 people comfortably, or take large groups of people out for the day.
Or you plan to hire a crew or expand your current crew to include a chef, a steward, or an engineer or deckhand, as well as a professional captain.
Maybe you need more room to accommodate tenders, jet skis, kayaks, dive gear, or other sports equipment and all its related paraphernalia.
If the way you currently use your boat makes you feel cramped, crowded, or limited, it makes sense to consider upsizing.
You want more modern equipment and upgraded amenities.
Sometimes, refitting, rewiring, or redecorating an older boat isn’t worth the time, cost, or inconvenience.
Upsizing your yacht means you can incorporate more advanced mechanical and technical equipment like bow or stern thrusters, advanced stabilizers, additional camera-equipped helm stations, the latest high-tech navigational equipment, extra tenders, and other “must-haves” to enhance your long-range cruising plans.
And then there are more luxurious amenities, like his-and-hers heads, walk-in closets, Jacuzzis, on-deck or fly bridge wet bars and additional dining and lounging options, dedicated office space, home theaters fed by satellite receivers, and professional galley equipment, even wine cellars, available to give your yacht the feel of a five-star resort.
You want a more stable, sea kindly experience.
Upgrading to a larger, heavier yacht can provide a much more stable and comfortable ride, especially if your cruising plans typically take you offshore for weeks or months at a time. Longer, deeper, and wider yachts are by nature more stable, and with added stabilizer options like high-tech gyroscope-driven equipment, your larger yacht will have significantly less roll, pitch, and yaw, making a long passage or a windy anchorage a much more pleasant experience for you and your guests.
You want more cruising options.
With a larger yacht, you’ll have more tank space for fuel, water, and waste, allowing you to go further afield and stay out longer, with fewer stops in between ports. If you’ve been putting off that extended cruise to the Bahamas or Alaska’s Inside Passage because you’re worried your current yacht doesn’t have the range, a larger yacht offers you almost unlimited destination options. You might even consider a bigger adventure like crossing the Atlantic, heading off into the Mediterranean, or circumnavigating South America to your cruising bucket list.
You want to take advantage of tax savings.
You’ll need to talk with your accountant or attorney about the details, but upsizing to a larger yacht might make good business sense and allow you to write off some of the cost of your new or pre-owned yacht.
Within the federal tax reform legislation passed in 2018 is Section 179, which details how you can deduct up to 100% of the cost of a new (or used) yacht if you meet certain conditions. First, you must purchase your yacht as a corporation, partnership, or limited liability company. And second, you must use your yacht for a legitimate rental or charter business.
If you’re looking to upsize to a larger pre-owned yacht, you can even take advantage of Section 179 to make and write off any upgrades or improvements, including upgrading electronics, adding stabilizers, or even refinishing or replacing the teak deck, as long as you make those upgrades during the same calendar year you buy your yacht.
If you structure the purchase correctly, you might be able to generate a legitimately deductible loss from your flow-through charter business, and use it to offset your regular taxable income, provided you take the loss the same year you buy the boat.
Again, you will definitely want to speak with your accountant and or your attorney to work out the details that suit your situation.
Our Offshore West team can help.
Regardless of your particular reasons, when you reach the conclusion that “you’re gonna need a bigger boat,” we’d be delighted to help you find it.
For over three decades, we’ve served as the exclusive North American distributors for Offshore Yachts, and supervised the construction and commissioning over 100 new Offshores during those years.
Whether you choose the beloved 54 Pilothouse, the new 64 Pilothouse, or the exciting new Voyager 90, we’ll work with you to select, customize, build, and commission a new Offshore Yacht that fits your lifestyle and perfectly meets your needs.
And we have an inventory of pre-owned and lovingly maintained Offshore Yachts available in our brokerage. Many of our clients are on their second or third Offshore, and they keep coming back to us for the quality, service, and integrity they experience doing business with us. Check here for our current brokerage listings.
We would be delighted to hear from you. Contact our team at one of the boat shows, drop in at our Newport Beach head office, or give us a call. We look forward to meeting you!