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Machining cost is a question of quantity. One would take me half a day probably, starting from plate, blocking out on a plate saw, programming and machining on the prototraks I run. OR, waterjet them by the hundreds, then gang fixture in a milling center and bring the average time per part to a couple minutes. Making these from molded phenolic wont cost any less on the scale we're looking at.
Cost is a very small part of market price though. A product is worth what people will pay, and reality is, these WILL sell, so the price is right. I'm sure most of us here have paid a lot more for exhaust systems than do much less(raises hand).
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