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Off hand I don't and it's possible his estimate is high but you have to keep in mind that the biggest part of that project is preparation and not the painting itself. They will first have to physically clean and prep the surface to receive the paint. Next they have to chemically clean the wheel to rid any debris from the physical cleaning and finally the paint which should be applied in several coats. Talk to a few more shops and get more estimates. For sure it's not going to be cheap.
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