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$200-$300 is NOT cheap for a wheel repair like that. It's not that damaged at all, should be closer to $150.
that is depend on where you get it fix. To me it is still cheaper than the new rim. It might not be cheaper than other shop that fix it but how is the quality?
I had the same problem with my IS300 wheels. After I got it fixed it will have a slow leak after a few weeks. I end up getting used wheel later on to replace it and never a problem anymore.