2001 Olds Alero diagnostic code P0420. Help!?

I recently had my car scanned and the error code was P0420. Mechanic told me I may need a new cat conv for appx $800-$1,000. My car is 10yrs old with 120,000 miles on it. I dont want to spend $800. Is it possible its just an 02 sensor? if not should I go to one of these cheap muffler shop and buy a cat conv? ...or can you recommend an honest affordable mechanic on the NW side of Chicago. Thanks

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