To get to cenotes Ditznup and Samula, which are 7km west of town, pick up a taxi on Calle 44 in front of the Maria Guadalupe hotel. There's a sign on the sidewalk in front of the hotel stating that this is the pickup spot for taxis going to the cenotes. We were told at the tourist information center that it would cost 10 pesos each to get to the cenote and another 10 to get back. We first tried to go late one afternoon and were told by the only taxi driver there that it would cost 50 pesos each because no one else was going so late in the day. We decided to go the next morning instead, but still only bargained the taxi driver down to 15 pesos each (he then tried to make us pay 20 when we got there, but with no luck). The moral of the story: go in the middle of the day in a shared taxi with other tourists to get the best price.
Valladolid's bus terminal is conveniently located about 2 blocks west of the main square. The bus terminal is small and more manageable than the larger ones in Cancun and Merida. Buses to Cancun take 2 to 3 hours; first class buses, which take faster roads and don't make stops are on the 2-hour end. Buses to and from Valladolid also take 2 to 3 hours.
You can pick up a bus to Chichen Itza for 20 pesos. The first bus to Chichen Itza leaves at 7:15 and arrives when it opens at 8am. The next bus is at 8:15; buses come approximately every 30 minutes after that.
The bus station does not take credit cards.
The busstation is located close to the zocalo, but first-class buses stop at the busstation La Isleta on the highway. From here you can take a local bus ten minutes in to the city. Buses goes many times a day to the other cities on the Yucatán peninsula. Taking a bus in Mexico is fast and cheap, and the best way to get around.
Valladolid is a great base to explore the surrounding villages and Mayan ruins. Chichen Itza and Coba are very close. You can also get to Cancun, Merida, Izamal, Tizimin, Tulum, and Chetumal from here.
There are two bus terminals at Valladolid. The older, more convenient one is two blocks from the main park, Parque Francisco Canton Rosado on Calle 39 and Calle 46. The newer one is about seven blocks from the park on Calle 45. From Cancun you will probably be dropped off here and have to walk in the main part of town which is not too bad.
Cancun 170 km 2hours (go first class)
Merida 170 km 3.5 hours
Chichen Itza 40 km 40 minutes
Coba 60 km 1 hour
The best way to go to Chichen Itza is to take a colectivo that leaves right outside the old bus station near the central park. It will get you there faster and at the same price. They leave around 7 am which is good because you want to get to Chichen Itza early when it opens at 8 am.
To reach Valladolid from Cancun it's easy. It is 160 kilometers from Cancun on the road to Chichén Itzà. You can choose two roads. The first one is the old road that the Mexicans drive along and it's free. The second one, called 'cuota', is a toll road and is expensive. Be careful if you want to take the old road because all the directionals signpost the 'cuota'.
The bus is the best way and cheapest to get around. Renting a car is very expensive. Most buses are airconditioned. Some street people try to take a dollar off your bus ticket by offering a non-airconditioned bus. My advice, take the A/C bus, they are very comfortable and cleaner.