Danny is comparing the prices of tuxedos for his prom. A rental tuxedo costs $70, while a new tuxedo costs $120. Danny is thinking about having to have a tuxedo for next year's prom as well. Keeping this in mind, how much money will Danny save if he uses the same suit two years in a row? Assume that he will have to pay $4.50 to dry clean it before next year's prom.