This subject was discussed earlier in the thread below.
https://www.buggiesgonewild.com/showthread.php?t=168033
The general consensus was that it may not be a good idea to use a standard duty retractable reel due to heat generation in the enclosed reel. If you want to go this way, you would want to use a heavy duty retractable reel as suggested by the last poster of the above linked thread. I’m not sure if this passes your “cost effective solution” criteria.