If you’ve ever dreamed of vacationing on a yacht in the Caribbean but left it at dreaming, this year may be the perfect time to make that dream a reality.

Because of the current economic downturn, boat owners and charter companies all over the world are lowering prices, running specials, and throwing in extras to get bookings.

Moorings are currently offering $750 off on crewed charters, and 15% off PLUS free provisions or airfare rebates on bareboat vacations.

Boatbookings have some great deals available. How about 2 weeks for the price of one on the Symphony II, a beautiful motor yacht that comes with all kinds of water toys and a chef. If you can’t take two weeks off, they are also offering or 15% off on weeklong, all-inclusive charters on the Symphony II.

If you prefer state-of-the-art sailing, you’re in luck. The Dreamcatcher, a gorgeous crewed 82-foot luxury sailing yacht is available in the Caribbean at a reduced rate of $28,000/week (the normal rate is $42,000/week).

For even more savings, consider bareboat sailing. You can find deals of up to 30% off the regular rate this spring and summer. I recently saw a great sailing catamaran out of St. Thomas available for $6,000/week, bareboat. It sleeps up to 10 people, so that’s only $600/person.

Have a honeymoon coming up? Check out the luxury catamaran “Pas De Deux” out of Tortola or St. Thomas. It has air conditioning throughout, Bose surround sound system, staterooms with en-suite baths, flat screen TVs and even a washer/dryer! Their current “Honeymoon Special” includes among other things: private transfer to the yacht, champagne reception, beachfront sunset dinner at Anegada, and accommodation in the Owner’s master cabin.

Remember, if you have your heart set on a particular yacht but don’t see any specials for it – don’t hesitate to ask. You never know what you might be able to negotiate, even if you’re not dealing directly with the boat owner.

With so many options available, how do you choose?

The least expensive option is a bareboat charter (sailing or motor). That means no crew, you operate the boat yourself. This of course requires some skills, and you will have to provide proof to the charter company that you know how to pilot a boat. Most will ask for your Bareboat Certification or a sailing certificate. If this is not something that’s issued where you live, you can ask if a reference (verifying your sailing abilities) from your yacht club will do.

In some countries (Greece for example), you are required to have two qualified sailors on board (which makes sense; what if something happens to your appointed captain?). There are schools all over the country where you can learn the basics of sailing and get an ASA (American Sailing Association) Bareboat Certificate. If you feel you need a bit more guidance before going out on your own, consider a skipper for a few days (see skippered charter below).
Pros: You’re in charge, less expensive
Cons: You’re in charge; you have to prepare your own meals as well as everything else

A skippered charter will provide you with the boat and a captain who essentially is in charge and will operate the boat for you. You and your guests will be the crew. This option is perfect if nobody in your party wants to have the responsibility for the boat and the navigation, but still wants a hands-on experience. Some companies offer you the option of a skipper for a few days in the beginning of your trip so you can brush up on your sailing skills and get to know your chartered boat before assuming full responsibility for it.
Pros: You don’t need to know anything about boating, an affordable option
Cons: You’re not in charge

If you just want to kick back and relax and enjoy spending time on the ocean without any responsibilities, a crewed charter is ideal. It is more expensive than the options above, but you get the boat, captain, full crew and a cook. The crewed boats tend to be larger (and therefore more expensive), since they have to accommodate not only you and your guests, but the crew as well.
Pros: You don’t have to lift a finger, everything is taken care of but you decide where to go and what to do
Cons: More expensive, you’re never alone

If you have a large group with varying sailing skills, flotilla sailing is a fun option. You charter several boats (usually 6-12) and the lead boat will have a skipper, mechanic and hostess who takes care of the itinerary and will help you out when needed. The other boats in the flotilla will each be skippered by one of your group, so you do need a few skilled people.
Pros: The skipper is there in case you need help or advise
Cons: Less freedom