For an island, yes, it’s genuinely solid. Buses reach almost everywhere tourists want to go, the tram handles north-city commuting well, and everything runs on time more often than not.
You won’t need a car if you’re beach-hopping in the south or exploring northern towns, though reaching remote mountain villages or chasing sunrise at Teide becomes much harder without one.
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The real limitation is frequency in rural areas and no service very late at night, so plan accordingly.