More than likely just a faulty cat and unless it is falling apart and clogging the exhaust you should not have any performance issues. You need to do all of the usual checks and make sure that there are no vacuum or exhaust leaks and then monitor the rear 02 sensor. The front one should fluctuate nicely and the rear one should hold fairly even at about .4-.5 volts. When the rear sensor consitantly bounces around like the front one it tells you that the rear sensor is reading the same thing that the front one is and that means that the cat is not doing it's job, in other words the exhaust content does not change when going through the cat. I had one of these in the shop the other day and had the opportunity to monitor it on Vadis for a day before the repair and a day after it and really get a feel for what a good signal looks like in real world application, not just sitting in your stall, as well as what a bad signal looks like. I drove the car to and from home both days. It ended up being the cat just as I figured, replacement cat was about 730.00 list price for the part alone and it should pay in the area of 2.0-2.5 hours to diagnose and replace the part. Make sure that your cat is not under emissions warranty, it may very well be depending upon your mileage
Mark
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