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I started getting the P0420 code on my 2000 Corolla when it onjly had 60,000 miles on it. I couldn't believe it was the cat going that early, so I changed the rear O2 sensor, cleaned the MAF, etc. The car was running perfectly, but I kept getting that code: on for a week, would go off for a while, come back, etc. Finally got tired of it at about 110,000, (plus the annual emissions inspection was coming up and I didn't want to take a chance on the light) decided it must be the cat, and put a new one on. Problem solved. There was absolutely no difference in the way the car ran, same MPG, etc. I have seen on several websites that the Corolla cats aren't lasting very long, they aren't plugging up, it's a breakdown in the chemicals. You can buy a new aftermarket cat for ~$50 and if you have a buddy that has a torch, it can be welded on in 10 minutes. Don't go to the dealer-- they want $1400-1500. Maybe the low mileage cats are a bone for the dealers, LOL.
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