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It is possible to rent. It is typically expensive and requires tha you buy extra insurance policies. (In 2005, we rented a mini-van for a day to take my husband's family on a trip with us.)
For our adoption, we borrowed a friend's car while in Bogota. However, I never drove it-- only my husband (native Colombian) drove. It is crazy there. I cringe in a taxi, driving with friends or even with my dh driving. Some traffic rules just seem to be optional. Parking is also a HUGE problem and it can be pretty costly. For example, we drove to our embassy appointment. Paid 10 bucks (you have to park where there is a vigilante so no one steals your car) to park our car and still had to walk 3 blocks in the rain. The next day we took a taxi $10 total (back and forth) and we got dropped off at the entrance.
This is not to mention the lack of street signs and the incredible # of 1 way streets, pico-y placa (you can only drive on certain days depending on the number your license plate ends in), etc.
I wouldn't plan on renting a car. You can go anywhere you want by taxi or bus. You can even travel outside of Bogota that way.
Renting a car would not be a good way to cut expenses in my opinion.
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You can rent a taxi/driver for an entire day at a pretty decent cost! We rented a taxi for the entire day in Bogota and he took us to el museo del oro, Monserrate, shopping and to Plaza del Bolivar. We didn't have a lot of time to spend in Bogot, so we wanted to use the one day wisely!
We did something similiar in Cartagena a few times for a half day. But one day, we rented a taxi for the day to take us to Barranquilla, 1.5 - 2 hours away.
Shonda, trust me, you DO NOT want to try to drive in Bogota!!! It is totally insane. I felt like I was taking my life in my hands every time I got into a taxi! LOL! No, really, you will be fine in a taxi. Also, our agency reps in Colombia drove us to all of our appts, and they also took us on several sight seeing trips for a small charge, so I don't think you would really need to rent a car.