My friend got the same year model camry (95,000 miles). Dealer replaced the same thing. Correct: $700 for catalytic converter replacement.
For 81,500 miles, I do not get it either. My 99 Camry got 215,000 miles and still using the original catalytic converter.
You can still drive it but it will not pass smog emission inspection. To reset the check engine light (if you do not have the OBD II scanner). Remove one side of the battery terminal, wait for a minute and put it back on. If around 100 miles, the check engine light came back on, then Toyota dealer is correct. If the check engine light does not come back on. Then your car is okay.
P0420 - catalyst system efficiency below threshold.
Reasons for this reading according to service manual:
1. Catalytic converter
2. Oxygen sensor or air fuel sensor
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Wednesday, November 26th, 2008 AT 3:16 PM