Hi Camtracey,
No need for an emergency parachute to slow down a China bike. Just kidding.
I looked into buying a cheap bike in South America and found Chile to be a good country. All countries are expensive, but foreigners can get an RUT and buy a bike and it looks to be quicker to get the bike registered and on the road in Chile than say Paraguay or Bolivia.
Proven reliable bikes to start with are Honda CGL125, Suzuki GN125 and Euromot200. There is plenty of information here as this question has been covered elsewhere on HU better than I can.
Have fun.
Kindest regards,
John Downs
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