Caracas has a lovely climate most of the year, and plenty of unique cultural offerings, so there would normally be plenty of reasons to come for a visit. But then when you research you discover that it’s one of the world’s most violent and dangerous cities, and on top of that it’s incredibly expensive for tourists (depending on how you do things).
The prices can be deceiving, however. Part of Venezuela’s big mess is a currency crisis that promotes a thriving black market on exchanges. On the black market you can get as much as double the “official” exchange rate, and even though it’s at least a little risky for both parties in the transaction, it can obviously cut costs in half. Even with a favorable exchange rate, this city is far more expensive than most South American capitals.
There are plenty of cheap hotels in Caracas, but they tend to be in bad neighborhoods, and are often rented out by the hour. In order to get something that even approaches international standards you’ll be spending a fortune. Those who venture into Venezuela are often quite happy about it, but it’s not a place to go without doing your research.
Food and drinks are relatively cheap if you eat where the locals eat, but in tourist hotels and restaurants you’ll be paying crazy-high prices. As of 2014 it’s very difficult to be confident about prices and exchange rates and such without actually being there, so this information is an informal guide, at best.