Check this first
Fix any misfire, lean or rich code first – those kill converters, and a new one will die too.
Failing emissions on this code is common. Get the cheap causes ruled out before buying a converter.
What usually fixes it
In the order a good shop checks them. Typical total: $103–$2,206 at $130 an hour.
Downstream oxygen sensor
$128–$350A lazy rear sensor reports a bad converter when the converter is fine.
Exhaust leak
$176–$494A leak near the sensors upsets the readings.
Catalytic converter
$510–$2,206After a misfire or rich running the converter really is worn out.
Code titles are the generic SAE definitions. Prices are typical US parts and labor for a common car or light truck – a guide for judging a quote, not a quote. Always confirm a repair against the vehicle in front of you.