We spent 9 days in Panama and spent a total of $1,747. That means that we spent on average about $194 per day. Why was it so expensive? We spent a week in Panama City, staying in a hotel, eating at expensive restaurants, and shipping our vehicle to Colombia.
Our largest expense was transportation ($1,295 – $650 of which was spent on shipping the truck and $400 on flights to Colombia and a rental car), followed by food & drink ($341 – almost all of it restaurants). The good news is that gas is cheap in Panama (around $0.91 per liter). We were able to fill our truck up for only $185.