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 River Tractor - by Charlie English Jr.. This is a 4010 John Deere that was used to farm on the Diamond Island which is in the Ohio River about 15 miles southwest of Evansville, Indiana. About ten years ago, this tractor was parked close to the bank as the river was washing the bank of the island away.
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