Steering column problem is probably the "clock spring", a sort of spiral wire assembly that allows the wheel to turn without the wiring getting all twisted up. I don't know how much they run, offhand, but $400 for parts and labor to replace one doesn't sound unbelievable. I don't think it requires replacement of the steering wheel itself. However, if it's giving this sort of trouble now, it's probably going to fail entirely before too much time has passed, and that would seem to be a safety issue as the horn would be unusable (unless you put in a separate horn button), along with any other wheel-mounted controls such as perhaps the cruise control or airbag if it has them.
I suspect I would pass on this particular unit were I in your shoes.