Has the cost of paving driveways gotten ridiculous or do I have to give my head a shake?

Alright. So we had our driveway paved 20 years ago. Our front yard is an acre so driveway is 200' long with a large turning circle and a parking area. It's big - equivalent to a 400'+ long 12' wide driveway. 20 years ago, a new base (about 1/2 of our driveway is on what part of the lawn prior to that paving job) and paving was $14k. Expensive but it was totally worth the upgrade from crushed aggregate. But the years and traffic have taken a toll on it and Ruts and depressions have occurred, leading to long surface cracks and potholes. The driveway is a patchwork of repairs and original asphalt that in some areas continues to crumble off the surface. It doesn't help that we live in a forest and the land has a high water table.

Neighbour down the street has a similarly-sized lot and driveway and recently had a very good local firm redo his driveway - got three quotes and went with the one that had a great reputation, gave him the most confidence, and yet had a competitive price. The company restored the base and did a top quality paving job. Looks amazing.

Coincidentally, this company is one from which I tried to get an estimate twenty years ago but that summer they were apparently too busy to answer their phone. The other day, my wife calls the company and they come over to our place and give us a quote of $30k.

Gulp.

I know that the driveway will eventually need to be done but repairs and sealing jobs could keep the current one going for another five years. In the meantime, we will battle poor drainage (those depressions hold water) and endure an unattractive driveway.

But $30k? Man, that's a lot of money. Has driveway work/paving really doubled in price in the last 20 years?