Sorry about the sticker shock Cookie Monster, but you've stumbled upon a painful truth about Grand Canyon white water rafting: it doesn't come cheaply. ~$450+ per day is just about right. It sounds as though you've found a cheaper alternative on the King River, but for those reading this forum and considering this tour option for their Grand Canyon vacation, here are some basic facts:
The only 1-day white water Grand Canyon rafting trip is offered by the Hualapai Indian Tribe out of Peach Springs Arizona. This trip is 12-14 hours in length and is priced at about $350 per person. The only drawback to this trip option is that Peach Springs is out in the middle of nowhere, and since this trip starts early in the morning, it is best if you stay somewhere in the Peach Springs area the night before the trip, and preferably the next night because the trip ends late in the afternoon and you'll probably be tired. For info on this trip, visit Grand Canyon West
The above-referenced trip can also be taken as a package with round-trip transportation from Williams Arizona for $499 per person One Day White Water Rafting Tour in the Grand Canyon
For multi-day white water rafting trips (minimum 4 days), visit Grand Canyon Rafting, Grand Canyon Tours, Rafting Idaho - Rivers and Oceans
An even less expensive way to experience the Colorado River is to take a float trip, which doesn't go through any rapids at all. These can be taken as 1/2-day trips out of Page-Lake Powell Arizona http://www.raftthecanyon.com; or Boulder City Nevada Black Canyon, Willow Beach River Adventures offers Colorado River Scenic float trips & boat rentals All-day package tours for the Page float trip are also offered out of Grand Canyon South Rim and Williams ranging from $190 person and up. Colorado River Smooth Water - Bus - Grand Canyon River Tours