That is a big assumption. I think the assertion that time is ALWAYS money is incorrect. Often, it is just time. At 3AM, or after you stop working, your time is probably not worth $75/h.
In your example, you only loose money if you stop working early to account for the drive. So, for example, instead of working 8AM-5PM, you work 8:30AM-4:30PM, in order to still get home at 5PM.
With that sort of logic, you could just as easily say that if you work 2 Extra hours each day for a month, the car paid for itself and you still get to live in the country. However, like your example, this assumes your work amount is infinite.
So, while an argument could certainly be made for saving money in gas, spending less time driving, or more time with family, unless you decide to take the drive time out of your work hours, the opposite of how most people determine when they need to be at or leave work, you wouldn't be loosing money, only time.