Imagine spending your vacation cruising the turquoise waters in an exotic location while being pampered and not having to lift a finger during the entire trip. Days are spent on deck with the wind in your hair, or at shore exploring different islands. As the sun sets, your yacht pulls into a tranquil lagoon and moors for the night. There’s enough time for one last dip in the balmy ocean before pre-dinner drinks are served and the chef starts preparing the first course. You were planning to move on to a different island tomorrow, but this one is so beautiful you decide to stay for another day. And maybe try one of the local restaurants for dinner the next night. No problem. Your itinerary is entirely up to you.

Sounds pretty nice, doesn’t it? It is. And the good news is that it can be quite affordable too.

Luxury yacht charters come in all shapes and sizes, fully crewed, captain only, or bare boat (meaning no crew at all), sail, power, catamaran or gulets (Turkish motor-sailers); basic or with every amenity you can imagine. Most provide water toys such as kayaks, jet skis, diving equipment, windsurfers etc. And all have speedboats to take you ashore (or go water skiing). You can find a luxury yacht for less than $2,500 in the Caribbean, even during high season. That is bareboat though; if you want a crew you’ll have to spend a little bit more. But you can still rent a luxury catamaran with a crew of 4 and room for 10 in the Caribbean for less than $4,000/week per person, or a luxury sailing boat with a crew of 2 and room for 8 guests for less than $3,000/week per person.

And of course, the sky is the limit. If you want the ultimate in luxury, consider the Alysia, which cruises the Mediterranean for a bit over $1.1 million/week. But here’s what that gets you: 25,833 square feet of guest space, a crew of 36, a business center, health center, a beauty salon (with 2 beauty therapists), wine cellar, chefs, 24 hour laundry service, elevators, Bose surround sound system indoors and out, nurse on call 24 hours/day, cinema, a Yamaha grand piano, diving equipment (including waterproof cameras), waverunners, water-skis, helicopter deck, and more. It holds up to 36 guests, so if you find 35 people to share the trip with, it breaks down to a little bit over $30,000 per person.

No wonder luxury yacht charter is becoming increasingly popular. There are boats available to suit anybody’s taste and wallet, and unlike at a traditional cruise, you don’t have to stand in line for anything, you can eat dinner in your bathing suit, you don’t have to listen to intercom announcements, there is no rushing from port to port or back on the boat after a few hours on land – you’re in charge of the itinerary and everything else you feel like being in charge of.

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.