is an all inclusive a better option than a vacation rental in the cancun area?

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3 of us are planning to visit cancun and need to do it as inexpensive as possible. I've found some all inclusives for about $700 pp for a week, but we also have the option of a vacation rental which with a flight would cost about $525. Which way is the better option? Is food expensive in mexican restaurants and grocery stores? What about beach options (I.e. Drinks, snorkeling, etc)? Please offer advice!!
 
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