I've been a couple of times. It's very expensive. Here are some things you can do to cut your costs: DONT go in July or August. Go in June - or even better - September. Otherwise, the island is FULL of people and things not only get very costly....but also very crowded and uncomfortable at times. There arent that many taxis on the island either, so in July and especially August, it's very difficult to find a taxi...so you'd have to rent something or pay Argentinians to drive you around for at least 30 Euros, no matter where you're going. (this is how I got around this past August in Ibiza. It was not only very expensive, but also highly illegal. People who arent taxi drivers, who drive tourists around for money, get 1,500 Euro fines. We were pulled over one evening and my friend and I were taken out of the car and interrogated by the police, etc. I was quite inibriated so it didn't phase me all that much, but still risky nonetheless.) All in all, my flight was $1,500 (granted, I bought it in July and traveled in August...which was late to purchase)....Hotel was $400 a night, and food was inexpensive. I think that if you plan well enough in advance, your trip to Ibiza will be great. Get your plane tix and hotel reservations ASAP, and the rest will be easy.