The ship docks a bit out of town. However the hop on hop off bus was waiting right there. I'm so glad I didn't take any of the ship excursions. And, right across the street was a tram/train station. In Lisbon some of the city sights are actually further out, so the location, although not central is just fine.
An interesting town, compact with plenty to see, lots of walks, but very hilly. I especially enjoyed the Gulbenkian Museum.
The ship docks right downtown. There is a free shuttle that takes you from the ship to the shore since there can be a few ships in town.
The town is OK, an interesting market and lots of shops. There is a tram that takes you right up to the small town of La Laguna. Don't take the ships excursion up here since the tram takes you right up there for a couple of Euros.
I rented a car from Anaga Car Rental. They are located just a block off the square. The daily rate for a 4 door with unlimited mileage was only $55 plus gas. There is so much to do on the island. We drove up to Mt. Teide. Absolutely wonderful! And, the drive back down the spine of the island was terrific.