I elected to ride a new Suzuki DR650 from Texas to Tierra del Fuego and it has been a great bike on both the highway and dirt. However, it may be bigger and heavier than you'd like. Prior to my trip I owned a Yamaha xt250 and now believe that it would have been a great bike for the trip. The Honda xr250 or xr125 would work as well. I'd also consider a Yamaha YBR125. It's a little more of a street/city bike but I believe it could handle the trip and is probably the most ubiquitous bike in S. America next to the Honda Wave 125.
The trip can be accomplished on any bike. Maintenance, breakdowns, finding parts is all part of the experience that puts you in a situation to interact with the locals and experience the culture. Hopefully it's the reason why you want to travel. Start getting excited and enjoy it. You'll have an amazing adventure.
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