Hi, definetly. The island is full of atractions and beautiful sites but they are 20- 50 km away from each other. Like going to the Teide and its crater is easy by car, The milenary tree drago" is also apart. Good restaurants near beaches and the best quality & uncrowded beaches you can only reach by car. Also the North of the Island has completely different climate that the South because of the 5000 meter mountain range separating them and there can be sun in one part and raining in the other, its quite incredible. Also the unique wine plantations, volcanoes, national parks, windsurf places - el medano beach is one of the best of the world for windsurfing, camels, etc must be reached by car. Los gigantes, the cliffs area and whale watching and scuba diving are also at different place. Almost all the town are different and is worth moving around. Its is similar to going to Haways main island, but spanish version. Africa is nearby and La Palma, island is half an hour ferry - for cars too - and is such a different and unique island its also worth it.
Tenerife is a beautiful island, with incredible plants and landscapes, drive up the Teide peack and wait to see the sea of clouds that extends for miles below the Teide sometimes, it is impressive.