This is likely to be heavily dependent on the brand and model of club in question. If you wish to know how much it will cost to have a specific club shaft cut down, you may wish to visit the website of the firm that designed the club, or contact a business that offers the appropriate services and inquire about the price of the service you require.
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It depends on the price of the shaft and the grip. Installation is typically around $20 to put the shaft in and maybe a dollar or so for the grip. With an expensive shaft and grip it could easily run you a few hundred dollars.