Amp repair cost — is this right?

I recently sent my Musical Fidelity a308cr power amp off to be recapped. This amp is somewhere around 16-18 years old and one of the power caps failed. I contacted Musical Fidelity and sent it to a repair shop they recommended. Today I received an estimate to replace 18 caps, 8 of which are large power caps, resolder the boards, and re-bias the transistors. Basically a full overhaul. The quote I received, including return shipping (prob around $100) Is over $1,300 which possibly exceeds the value of the amp. That doesn’t include the $115 it cost me to ship it out. Having never had an overhaul done on a power amp like this, I’m wondering if anyone with experience can tell me if this sounds right. I guess I was expecting something more like $600-$800 but I don’t know why since I really don’t have a frame of reference. Perhaps it was the assumption it might be 4 hours labor (say $400) plus max $200 for caps. Is $1,300+ on track? Either way I’m going to be out the shipping cost plus a $160 fee paid for the estimate.
Hi jenehma,
Maybe I’m inferring things differently than you. It seems that people are taking the time to provide context to assist you in your decision. Sometimes the best answer isn’t a ’simple ’ yes or no. The amplifier  certainly has little if any value in its present condition. All factors considered 1300.00 seems reasonable as a few others have alluded to. Good Luck,
@charles1dad Some are doing that, and I do appreciate it. Others are talking about bathroom remodels and bad experiences with Musical Fidelity, or ranting about their former career. I already know what the amp is worth to me. So while I appreciate people's "long view" justifications, I already know that. I'm just asking if the repair cost is right.

Imagine if you took a Honda Accord to be repaired. You'd never repaired a car in your life and have no knowledge of repair costs. The mechanic says "you need new brake pads, that'll be $12,000." Well the car is worth let's say $25,000 and replacing it with a new version is going to cost me more than $25,000, and I'll get years of driving enjoyment out of this car after repaired (the long view)... etcetera. None of that has anything to do with the fact that brake pads shouldn't cost $12,000, but that is the logic of most of the responses I have received.

So including you and teo_audio, I now have 2 yes and 2 no responses.
@jnehma1  @noromance doesn't believe in profits so he or she probably has someone to recap for FREE labor.  Next time ....
Lets be clear, $400 is way too low, and $1300 is off the charts - too high a number.

Somewhere in the middle, maybe.

If it was me, for $1300 us, if I was the tech, it would come back as a wholly different sounding amplifier, and be notably superior. 

Where I would have second guessed all of the orignal designer's work and upgraded the quality of the unit to far beyond the orignal spec. 

changing parts out for new originals, or a basic repair being involved... is in no way shape or form worth $1300US. 

the only people who can charge that kind of money are the ones who have  a ridiculous outsized opinion of themselves, or others have built up the same sort of opinion of them.. simply due to the idea that if they (as customers) pay more, they get more. When really... that's not even remotely true.. 

Or they have too much work on their hands and are only doing the work that pays the highest...all tied to the outsized reputation ...tied a customer base that thinks of things being in a position and reality ---which it can't possibly be. 

Which happens often, far too often in the world of high end audio. It happens in other technical  spheres as well, and it is great work when you can get it... but most audio technicians are in some world of underpaid hurt.
My view......the price is what it is maybe a bit high but I'd be inclined to have it repaired. So that's another yes.