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From experience, what is cheaper, car rental for a day or a round-trip taxi, for example, from Patong to the water park?
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Taxis are easier. A one-day rental from strangers is always a chance to lose your nerves.
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But if you plan to ride for the whole day, then the car is most likely. You will be able to drive around half of the island in time.
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The car will be the most expensive, since you still have to buy benz there.