He's right. It probably shouldn't cost seven hundred.
But it may be time to upgrade or update much of your equipment, depending on how long it's been in service.
A couple of years ago now, I replaced, in a kind of sequence, my deep-well pump, the screen, housing, check valve and venturi, and even ended up replacing the pressure tank.
I did as much of the work myself as I could, sometimes using drafted labor from my neighbors and in-laws, but had to also employ professional help as well.
Didn't cost seven thousand. Not even two thousand.
I doubt a 1 1/2 HP submersible pump will be that expensive. The major expense will probably be the labor. Not sure what it will take to pull the pump out and then replace it.
Should get some answers tomorrow.