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A moped is probably by far the funnest mode of transportation around Seven Mile Beach island, Grand Cayman. Anything else is too fast or too far off the ground. The average rental rate is $25 (American). Two things to remember: helmets are mandatory, and don't forget to drive on the left side of the road!
Taxis are stationed at Owen Roberts International Airport on Grand Cayman and charge on a fixed-rate basis. While hotel vans can shuttle you about town, they cannot provide courtesy arrival pickup. Taxis are also available at major resorts.
The bus terminal is located on Edward Street in George Town, and is the dispatch point for all districts. Daily service starts at 6 am, and hours and fares vary. Some buses offer tours of famous sites on the island. Many tourists choose this option. It's pretty cheap.
Car rental on Grand Island can be expensive. The driver must be over 21 (some companies will not rent to those under 25), and seat belts are mandatory for all ages. Again, don't forget to drive on the left side.
A backpack, lots of time, and good shoes will provide an "up close and personal" visitation to Seven Mile Beach and the rest of Grand Cayman Island. Depending on where you are going, you can walk on any side you want.