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.

Now that you’ve decided which form of charter is right for you (bareboat, skippered, crewed or flotilla), it’s time to focus on the type of boat you want.

I find sailing incredibly soothing and exhilarating at the same time. It can be still and quiet or fast and action-packed all depending on the wind and your choices. If you want to be able to hear the ocean and really be part of the environment, and view the act of sailing as the event itself (rather than a means to get somewhere fast), then sailing is for you. It does take longer to get anywhere than when traveling by motor; you are at the mercy of the winds; the boat will lean to the side when the wind is strong and you’re going fast; and there will be ropes and the boom to watch out for. Having said that, I think sailing can’t be beat and everyone should give it a try at some point.

If you want speed and prefer to go from one location to the next fast, a powerboat or motor yacht is for you. They do make a lot of noise, and you won’t feel as much part of the environment as when sailing. On the upside, you don’t have to mess around with sails and such, just turn a key and you’re on your way. They provide a more stable surface underfoot, usually have more spacious living quarters, and since they are fast, you will be able to fit more into your itinerary.

For even more stability, try a catamaran. Available in both power and sail, they are the most stable of all the options, making them a great choice if you have guests new to sailing or suffering from seasickness. They travel faster than monohulls, they provide lots of space both indoors and out, and with their shallow drafts they are able to go in closer to land and in areas where monohulls can’t go. One thing I love in particular about catamarans is the tramp or nets in front – a great place to relax and feel the spray of the ocean on your face while underway, and they provide a spectacular first-row seat when dolphins are around. On the downside, catamarans do take up more space, so if you’re in a crowded marina, that might be an issue.

Gulets are graceful, traditional Turkish two-masted wooden sailing boats. Originally used by fishermen, traders and sponge divers, gulets these days are designed with comfort in mind. Although mostly found in Turkey, they are becoming increasingly popular in the entire Mediterranean area. They are usually configured as motor-sailers, so while you can enjoy the peacefulness of sailing, you won’t be stuck in port on a calm day. Gulets are wide beam boats, which means you have lots of space to enjoy both on deck and below, regardless of whether you charter a comfortable 50-foot vessel or a 108-foot luxury gulet with dining room, en-suite bathrooms and walk-in closets. The aft deck on gulets is a particularly cozy spot, usually outfitted with a wraparound cushioned bench, perfect for a nap or taking in the surroundings while enjoying a pre-dinner drink.