Is five full days enough in Iceland? Late July!

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Yes, especially if you take advantage of the extended daylight. Should be around 20 hours around that time of year.

Don’t do a bus, rent a car. It’s easier than driving in most suburbs.

Be sure to make it out to Jokusarlon (glacier lagoon), and Vik/black sand beach. There is an amazing hidden waterfall next to Sejlandfoss called Gljufrabui. Also Fjadrargljufur Canyon is awesome.

Do the blue lagoon either in your way in or on your way out. Keflavik airport is right next to it.

Iceland is not a place to “wing it” imo, I would plan it out carefully and know what you want to see.

I have a google map of where I have travelled during my three visits. Feel free to DM if you would like it.

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Depends, if you want to do the touristy stuff by bus/tours near Reykjavik, it can work. IMO if you really want to explore the island by car, 7 days minimum. I found the drive around the ring road incredible, and things only got better the further we drove.

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More than enough even if you drive the entire ring road

Same. We did 12 days on a motorcycle

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