Originally Posted by
gemac
For reasons that I don't entirely understand, LAX often seems to be the cheapest place in the world to rent a car. I have paid $12.95/day there frequently, and can't remember paying over $20 per day (base rate- taxes & fees extra). Having a car gives more flexibility than relying on mass transit. I would certainly check car rental rates beforehand, and perhaps try bidding on Priceline. Try Alamo, Thrifty, Dollar, etc. Remember, the OP's friends seem willing to pony up $50 apiece to get into the Admiral's club.
The OP is from Australia so would also have to pay CDW and liability insurance. If I have a layover in LAX, I also use public transport to get to either the Culver City mall or maybe downtown LA depending on where I want to shop. Other thing to note is baggage storage is with a private company and very expensive so best if you can check your bags all the way to final destination after customs.