If you didn't have the sound before you replace the exhaust system, there isn't much point in looking elsewhere. I'd look for not only an exhaust leak, but also a crimped pipe, and finally I'd have to conclude that the muffler itself may be defective.

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Berfinroy in CT
Present vehicles:
1973 300 SEL 4.5
1959 Rolls Royce Silver Cloud I
1959 Ford Thunderbird convertible/430
Past vehicles;
1958 Bentley S 1
1976 ex-Max Hoffman 6.9
1970 300SEL 2.8
1958 Jaguar MK IX
1961 Jaguar MK IX
1963 Jaguar E-type factory special roadster
1948 Plymouth woody
1955 Morgan plus 4
1966 Shelby GT350H Mustang