Sounds a tad high, but you have to realize that to do it right, you need to unbolt the box and move it out of the way. And doing it right involves cutting spot welds and removing all of the old panel, then welding in a new panel. Also, undercoating and sealer need to be sprayed in from the inside through the arm rests next to the rear jump seat.
I sometimes unbolted the box and very carefully tilted it up, first on one side, then on the other. Ideally, you would remove the box completely, (not as hard as it sounds, with the proper equipment), then replace the fuel pump as a bonus while it's out in the open.
The wrong way is to simply slop the rusted areas full of Bondo.
As I said, your estimate sounds a bit high, but not everyone likes to do rust repair, and the guy may be hoping you'll go elsewhere.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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