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For such a huge (relative) discount it is certainly worth a try. Read any posted reviews. If you'll install it yourself, note that it can be a bear to loosen/remove the nuts holding the flange to the exhaust. Make sure to use a decent gasket there with a steel-lined inner ring or it'll burn through within a few days and you'll have a leak. An aftermarket cat might last only a few years, but it will surely make P0420 go away.
Try getting a repair quote from an exhaust shop. I think you'll be pleasantly surprised!
Hard to say. Are you sure that's the cat that's bad and there isn't another cat in the exhaust manifold? A lot of cars have two and the secondary one won't trigger P0420.
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