(MONEY Magazine) – In mid-September, subscribers to Continental Airlines' weekend specials bulletins got a small surprise by e-mail--a one-day-only fare sale. Milan, for instance, could be had for about $365 from New York, for travel between October and January.

But the real surprise was that deals to Europe were still around a week later, now offered by several airlines, and good for departures up to the beginning of April (and for stays of up to 30 days). "Dollar for mile, Europe is your best bang for the buck this winter," says Tom Parsons, proprietor of the air-consolidator website BestFares.com. "I've never seen anything like it. When you can fly from New York to London cheaper than you can fly from New York to Charlotte, you just can't beat it."

Europe in winter, however, is a get-what-you-pay-for proposition. European cities are almost always best experienced on foot, and even Madrid is bitterly cold in February. Moreover, the farther south you go, the more that Europe's great improvised charms are found outdoors--in the markets, at the sidewalk cafes and in the plazas, where friends gather in the early evening for conversation and a glass of wine or beer before heading off for dinner. In wintertime, that public life retreats inside.

Parsons believes that these bargain-basement fares will still be available in November. After New Year's, January and February fares might even drop, but he expects airlines to tighten up prices for travel after March 6. Our advice: Buy now but don't travel; hold off for warmer weather in late March or early April. For the best weather, keep to the south and near the sea. Rome will be more pleasant than Paris. Globus has a seven-night hotel package in Rome from $599 to $799 per person; when we tried to book a week at the same hotel for early April on our own, it totaled $1,100 per person (800-221-0090; globusandcosmos.com). Sicily is likely to be warmer still. Lisbon--one of the great, if overlooked, European capitals--is comfortable, and Barcelona remains mild. Gate 1 Travel (800-682-3333; gate1travel.com) is offering air and four nights in Lisbon from $479 per person, plus about $100 in taxes.

If a cold-weather holiday is what you're after, a ski vacation in the Alps is within reach. We found fares from New York to Zurich from just $436. And many people say this is the time of year when Venice is most beautiful--a dusting of snow, fog blanketing the canals. The narrow streets are empty of visitors--except, of course, when Carnival erupts in February in a blur of masks and feathers. When we checked, you could fly for $400, but book now, and don't be shocked by the room rates. Venice is never cheap, even in winter. --R.M.