To get to Machu Picchu you must walk, or take the train.
Our recommended Route has you hike in, take the train out. The train is not inexpensive. Cheapest official fares for 2005:
Ollantaytambo <> Aguas Calientes US$41.65 one way, $65.45 return
Cuzco <> Aguas Calientes US$41.65 one way, $69.02 return
Check the Peru Rail rates page to double-check these fares. More expensive options are available.
Note that the one way fare is the same, even though Ollantaytambo is about the half way point. (It makes no sense to us either.) Luckily, Ollantaytambo in the Sacred Valley is an excellent stop anyway to visit Inca ruins. You can get an inexpensive bus from there to Cuzco.
Not posted on the Peru Rail website in 2004 were the cheapest fares. Once you get to Cuzco, ask about the Backpacker special, a train which runs Ollantayambo <> Aguas Calientes only a couple of times / week. (It may not fit your hiking schedule, however. You would need to book your ticket in advance, guessing which day you want to return from Cuzco.)
update In January, 2005 the inexpensive backpacker train service is no longer running. Too bad.
If you wait to book your train back to Cuzco until you finish the hike (in Aguas Calientes), your options may be limited. Cheaper seats may be sold out or you may need to wait a day or two to get one.
Bus
The reliability of bus travel in the Peruvian Andes has improved greatly over the years.
Most long-term travellers get around this way.
For the Salcantay hiker, the most important bus runs to the small village of Mollepata. In 2004 hikers (unless they had a personal vehicle) took the 5AM from Avenida Arcopata in Cuzco to Mollepata the best & only direct bus. Take a taxi to Avenida Arcopata as it is unwise to wander Cuzco in the middle of the night with a pack local toughs are looking for unwary hikers on the way to that bus.
Arrive at Avenida Arcopata by 4:30AM latest as the bus is often full before 5AM. Gringos were turned away the morning we caught this bus. We arrived in Mollepata at 8:30AM, enjoyed breakfast at a cafe, then hopped the truck to the trailhead, which departed at 9:30AM. Very convenient!
The only other alternative is the same bus, departing at 1PM in the afternoon. You could stay over the night in Mollepata, or try for a late start the same day.
The bus Cuzco > Mollepata takes 3-4 hours, costs less than US$3.
Bus Cuzco > Lima is very easy to organize. Fares start around US$20 one way for a modern vehicle. The fare coming from Lima is the same, but many have hassles finding and getting to the correct bus station in the big city. You can end up cabbing from terminal to terminal in rush hour (as we did) if you are not careful.
Bus discounts may be available if you have a student card. Low season fares can be very low.
Other easily arranged bus journeys for hikers include: