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Q: Are there separate computer analysis codes for oxygen sensors vs. the converter?. on 1999 Toyota Corolla

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My engine light has been on continuously since late April. In June, the mechanic hooked the car up to a hand-held computer and said I needed a new cat. converter but didn't need to hurry fixing it as long as I did so before the inspection date. Last week, I went to a different service that hooked up the car to the computer and said it was the oxygen sensors.Their quote was $700 to fix them.but they've knocked in down to $500 when I squaked. Which scenario do you think is more likely?
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What codes were stored? P0420 is low catalytic converter efficiency. Oxygen sensor codes can be for performance or heater circuit malfunction. A bad O2 sensor can make the computer think the cat converter is bad but I have replaced Cats on these cars as well.
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