The silencer looks to be original, but the tail pipe is not, it should be welded on to the silencer, from the picture it is fixed with an exhaust clamp. This may be because it was cut off to facilitate bending, but baffles may also have been removed.
That's my bet: the previous owner removed some bafles from inside the pipe. If not, there should be no reason for the car to be much louder tan the specs.
