How to repair cable of the garage door opener

Hi,

Today the cable loop of my garage door opener(craftsman) broke. This is the steal cable go thru the cable pulley; this is NOT the chain nor the door spring.

I called up a few service shops. It seems expensive to do the repair. Service alone costs $55 - $75 a hour depending on different shops. One shop quotes me $59 for the cable. That tiny cable costs that much seems like "stealing" (I can probably get a brand new garage door opener for under $200). Since only the cable loop is broken, I wonder if it can be repaired "somehow"? [NOTE: I live in San Jose Bay Area, CA]

Do you think I can repair it myself? Is it easy? Where can I get the replacement cable? HomeDepot?

Have you handy guys out there done something like that before? What is your experience?

Thanks in advance.

you might be able to fix the cable, but it might just break again.. two cables for an average garage door in a pack cost about $12 at home depot, lowes, ace hardware.. and in my case i go to the local Overhead garage door company that originally put the door up for the gen. contractor who built my house in 1972.... i find their cable a little better but the generic ones from home depot and lowes and ace did work for me over the years.. they have an eye that was squeezed on the end that is attached to the bottom of the garage door and also on the back of the packaging they show you how to put it on.... or you can go to their web site and view a clearer picture of it to see how easy it is done( i cant remember their web site)... think it is listed on the back of the package....