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which one should we take taxi or train/walk combinationl?

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Dear travelers experts,
I need some advice, my SO and I will be arriving in Madrid on November 4th and I'm debating if we should take the taxi from the airport to the hotel or take a combination of Bus Express/walk.

This is my scenario; our flight will arrive on Friday November 4th at 6:30AM in Madrid. Our Hotel is the Hotel Europa which is located in Puerta del Sol. looking at the transportation cost the taxi from the airport to the hotel is 40 Euros, if we take the autobus express will pay 2 Euros per person and we have to get off in Atocha train station. From there, we can take a taxi to the hotel which is another 10 Euros or walk from Atocha to plaza del sol. I read that there is a 15-20 minutes’ walk.

Does anybody have taking the bus express? Should we stick to the taxi and pay the 40 Euros? How safe is to walk from Atocha to Plaza del Sol? FYI, we’ll be carrying two suitcases and our backpacks, we do speak Spanish. Spanish is my first language and my SO is kind of fluent in Spanish, so we won't have the language barrier issue.

What do you think we should do? This is our first trip to Madrid and I don't want to put ourselves in risk if is not necessary. I have read a lot of warnings about pickpockets in Madrid.
Please advice.
Thanks in advance.

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