Although we have travelled through South America without a carnet back in 1999/2000, and so yes it can all be done without one, our own experience is that if you are flying direct into Ecuador, it is significantly quicker and easier with one. For eg, it took us only 2 hours to get our bikes out of Quito with a carnet last week, whereas others without a carnet take between 1 day to 3 days, depending on how good your Spanish is! In Peru and Argentina it is quicker if you have one, but those borders are not too much extra grief if you do not.
Chile have their own temporary import vehicle permit and do not want the carnet at all.
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