Yes, renting a car is a very good idea. It gives you plenty of freedom to explore, and most roads are very good in the Yucatan peninsula.
We flew to the Cancun airport, which is big and therefore a great location for many car rental companies. I booked our rental car using Kayak.com, and had a choice between many great deals ($10 to $15 per day). The rental was for 3 months, and the price was excellent. Although I did forget to budget for liability insurance... you should inquire about that when renting a car in Mexico!
The car pick-up was great, no delays or glitches, and we drove to our first destination right on time. However some friends who visited us later had a bad surprise with their car rental : when they booked on line they indicated an arrival time of noon, but actually arrived at 2pm. Despite the fact that there was email communication - with the right arrival time - prior to their arrival, the company's booking was based on that initial reservation with the wrong arrival time. As a result, their car was no longer available and they had to settle for the only one on hand : a very small 2 door economy model (for their family of 4...). Nope, they did not get a discounted price either. So when making a booking on line for a car rental, make sure that you indicate the right arrival time - and/or get a confirmation a couple of days prior to your departure.
So back to our car rental. About 3 weeks in, we had a flat tire - the tire was split open and the rim was dented, and we discovered that the spare also had a dented rim - not good. I emailed the Manager, and after a few exchanges he sent one of his guys to deliver a replacement car. Now that sounds like the usual kind of service one would expect - but we were in a very secluded location, and far from the service point. So to make the exchange, we drove 2 hours to get to the meeting point, and he drove FIVE HOURS to get there! Now, that's customer service!!!!
The company is Blue Way, which I understand is a Budget affiliate. I read horrible things about them on Trip Advisor (as other car rental companies), but I must say that our experience with them was very positive.
If you are planning on driving in Mexico, it is common practice to have a laminated colour photocopy of your driver's license. Yes, it's illegal to produce a fake driver's license... and so is bribing a police officer - also common practice. If you get arrested, appear apologetic and very cooperative. Hand out your fake license, which he will probably keep and proceed to tell you that you will have to go to the police station to retrieve it and pay your find. Now you are very concerned... Write down the info, and his name and badge number. When he seems to bring closure to the affair and walk away, you can drive and giggle away.
If you do not have a fake license, ask politely if there is any way to settle this matter, while discretely slipping $10 or $20 in his hand.
You may also come across some army check points in Yucatan and Quintana Roo - not to worry. You get out of the car if they ask you to, a few of them will check you car while you speak with the one in charge. They are looking for drugs. My advice on that front: try to resist picking-up hitch hikers!
And last but not least - Avoid driving at night since many old cars and trucks don't have lights, and many roads are not lit. And of course...mind the topes at all times!!! These speed bumps are in every village, and they are very effective in slowing down the traffic!
Driving in the Yucatan peninsula is a great experience. For having done so many times, I highly recommend it.
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