For this itinerary, a rental car is recommended to provide the flexibility and independence to explore at your leisure. The travel distance is approximately 200km from Reykjavik and will take 3.5 hours. The estimated car rental cost is around ISK 6,000 and fuel cost is approximately ISK 4,000.
If you have more time, you can consider adding a visit to the Goðafoss Waterfall or an Icelandic horse riding show. If you have less time, you may want to skip the mountain biking activity or visit the Mývatn Nature Baths during the daytime to save time for other activities. And don't forget to bring warm clothes and comfortable shoes to enjoy the trip to the fullest!