Is $550 to much?

Hi guys, newb here. I have a major leak (lets just call it what it is, a really big hole), in the pipe that comes off the exhaust manifold. Its all rusted out and is about the size of a baseball. Anyway I took it to Midas and first they told me the part alone was going to be about $850, then he later told me he found one for $550. Now, I dont know a whole lot about Sebrings but $550 seems a little ridiculous for a 3 ft piece of pipe. Can anybody tell me if this is a common problem? Also, where can I get the replacement part for a reasonable price, and how hard is it to install? The pipe has some kind of sensor in it (Probably o2 sensor, but not sure), can I get the pipe without the sensor and just put my current sensor in the new pipe? Its a '98 Sebring with the 2.5 litre engine.
Thanks for all the help,

Jesse

By the way the part is called a down pipe, or exhaust pipe, Ive seen it called both in my searches so far (Dealer part #: MR340966). I can find them for the 2.0L engine for $120 but cant seem to find one for the 2.5L other than the stealership and they want $550. Anyway, any help would be appreciated.
Thanks,
Jesse

Go to a custom muffler shop. They have machines that can bend and custom make exhaust pipes, unless it is the pipe coming directly off the engine, then you are screwed. Time to go to the great car graveyard (junkyard) to find a newer piece!