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2-3 months backpacking trip to Peru, Bolivia, Chile and Buenos Aires

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My work contract is finishing on September and I am thinking of taking the opportunity to plan a long trip to South America for about 2-3 months.

Based on friends' accounts and a personal interest to visit Chile since ever, I decided that my itinerary would be:
Lima-Cusco-Macchu Picchu-La Paz-Salar de Uyumi-San Pedro de Atacama-???-Santiago-**Patagonia?**-Buenos Aires-Iguasu-?.
As you guessed, I am not quite sure if I should visit Patagonia or not yet and I haven't done so much investigation on the what to visit in Chile.
Also another issue I have is if I should go back to Lima by air or by land as I will have booked a return flight from Lima.

My budget is around 4,000 Euro (~5,500 USD) including flights and I have been informed that this would be enough if I stay in hostels and travel by buses.

Any suggestions on the itinerary, hints and tips, opinions on if there is enough time and budget to visit Patagonia and how to go back to Lima from Buenos Aires would be more than welcome.
Also, note that I haven't booked my main flight yet, so that is flexible too.

Thank you all for the info.

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