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Spend a coouple hours at your local library for illustrated books on the subject of auto refininshing, body work & repaintng. Also, most parts stores have similar titles. I have one from Popular Mechanics (I think) that is a relatively thin book, but gave enough coverage, photos and detail of the main points that I could do my '78 240 myself, with borrowed equipment in a gravel parking lot!
Also, locate a autobody/paint supplier who supplies to the trade. Make yourself a frequent visitor. Learn as much as you can about the paints, solvents, thinners, finishes, tools, etc. Ask questions. Go watch somebody who would be willing to let you hover around while they do it. You must learn technique, as well as materials. Beg or borrow some equipment and left-over materials and go practive using the compressor, spray gun, paint thinning, etc.
You can do much of the prep (restoring) yourself. Even a cheap paint job at the chain autobody franchise is just shooting the paint, none of the prep. That's all extra.
Prep is a big part of the labor, commpared to the spraying. (Like French cooking -- days of preparation and seven minutes of furious, flamboyant "cooking"!) Tedious and time consuming. Many times your are applying some sort of Bondo one day, waiting another day for it to harden, spending the third day shaping it, a fourth day glazing, then sanding, etc. And you won't believe how frustrating it can be to just mask off the car sometimes.
To pay someone to strip, treat some minor rust, glaze & sand some minor imperfections,mask & paint you're looking at about $1200-1500 minimum. That is if they'll take you. I had trouble finding someone who wanted the job. In addition, striping entails risks beyond the restoration/refinishing.
For example, the discount chain that stripped & painted my Olds wagon allowed the stripper to seep down past the side body moulding. Every other wood trim panel on the doors and fenders was ruined! Do you have a station wagon with a roof rack? Make sure you plug the holes before you strip & paint. If you don't the stripper and/or thinners with waste your headliner. Ask me how I know...
Remember, about a month after your new paint job you have the polishing and buffing to do. A whole new set of knowledge there about products, tools technique...
So, if you're not talked out of it by know, here is how you can size up you situation:
If you can't pay a pro to do it (lack the cash, it costs more than the car is worth, etc), how bad a job can you tolerate looking at afterward if your attempt it yourself? If you get into the job and find you are in over your head, will you have someone to turn to for advice, tools, etc? Plus, if you thought you actually lack the ability to do it, you would not even be asking how to. Finally, you care about your car more then anybody. You'll do your best just because you won't want to let yourself down. Treat it as a learning experience, knowing going in the results may not be ideal.
Go get 'em!
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