Paint failure is fairly common on 240's, since they just last so darn long. If the paint problem is restricted to one panel, it's possible to paint that panel. If the rest of the car looks fine, it's possible that earlier in its life the car had a fender replaced or some kind of minor damage. Repaints almost never last as long as the original paint. My 86 is losing the clearcoat on it's upper surfaces, particularly the tops of the front fenders and hood. My 87 has been repainted in the back, both quarters and the trunk- the trunklid is shiny but rough, and has some chips where bad surface prep caused paint separation. Done well, a body shop repair should look fine, certainly better than what you've got. Shops charge from $150-400 for single-panel work, usually, and the more you can do, the cheaper and the happier they will be to work on your car. It makes little sense to pay their shop rate ($40-70/hour) to have the trim and turnsignals removed. The trim simply pulls off the side, and the front bottom edge will come loose if you pull it up. Removing the lenses and wrapping the turn signals in masking should be sufficient for the lights. Remove your hubcaps and install a spare tire if you want, so there's no worries about painting a good wheel and tire. The bottom rocker trim just pulls off (big clips) or can be masked easily. The VOLVO emblem is in my experience hard to get off without bending it, but some WD40 applied to the glue should separate it more easily.
It's good to get your paint code in advance (my silver is 130, my favorite!) for the body shop. Your VIN plate or touchup paint can has the code number on it. Good luck with it!
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Rob Bareiss, New London CT ::: 86 244DL, 87 244DL, 88 744GLE, 91 244: 808K total