The home side did themselves no favours when after only three minutes Darren Currie's free kick found its way through a crowded box for Jaroslaw Fojut to half-volley into the bottom left corner of Joe Anyon's goal.
The Valiants steadied the ship and almost pulled level when Danny Whitaker took advantage of some lack lustre defending, testing Dean Brill with a low shot from 12 yards.
Danny Glover almost capped his first league start with a goal when Whitaker's cross from the left found the youngster at the back post but his carefully struck shot fell wide of Brill's right post.
With the first half drawing to a close, the Hatters almost doubled their lead when David Bell supplied David Edwards with a superb cross but the resulting header was poor, allowing Anyon to parry over the crossbar.
Vale left it until first half injury time before equalising when Whitaker's through ball was seized upon by Callum Willock who picked his spot and steered the ball past the onrushing goalkeeper.
Willock almost grabbed his second 11 minutes after the break when he latched on to Robin Hulbert's through ball but a cruel bobble offset his stride, allowing Brill to make a save at the striker's feet.
With the weather conditions deteriorating rapidly, both sides struggled to create anything with driving rain and strong winds turning the pitch into a mud bath.
After succumbing to a late equaliser on Boxing Day, it was double heartbreak for the home fans as Matthew Spring clinched all three points for Luton with a 35 yard free kick that found its way into the bottom left corner of Anyon's net in the 92nd minute.