I'd like to share my experiences in repairing the paint on my car. I know next to nothing about repairing paint and it seems that the people at the paint shops I visit don't know much about 20 year old lacquer paint jobs either. I have a 65 Cutlass with I'm guessing at least a 20 year old Lacquer paint job, it had probably about 200 rock chips on the front of the hood, wind pillars, front of the roof, scrapes of the tops of the fenders at all four corners from idiots with big belt buckles and the overall finish had bird poop and leaves burned in to it and it was real dull.
This took a lot of trial and error to get right, because I couldn't get any straight answers out of anyone here in town.
I started with getting some touch up paint mixed, buying some small good quality paint brushes and a $75 air brush.
I started by wet sanding and touching up all the bad spots with either the brushes or the air brush depending on the size of the nick or scratch.
I then wet sanded (1000 and 1500 paper) the areas back down smooth then I tried buffing the car with a HD rubbing compound and both a sheepskin and a yellow bonnet "twice" the paint was still dull and the bird poop rings where still there.
Then I decided to wet sand the whole car, what I finally ended up with was a total sanding with 1000 grit and then 1500 grit (if I'd of had it in me I would have also sanded with 2000 grit, there's always next year) then I buffed the car with HD rubbing compound and a yellow pad and then buffed with polishing compound with a black pad and then 2 coats of wax.
This really worked well the car is so much more white now the finish feels smooth as glass to the touch.
This did not turn the old paint job into a show car, the paint still looks tough under florescent light but looks real good in natural light.
The only real problem I have now is after wet sanding and getting the car back to it's original color the touch up paint doesn't match anymore (it's a little yellow) so in the old trial and error game next spring I will wet sand those areas again respray them wet sand, buff and rewax.
This was a very worthwhile project that greatly improved the look of the car.

 

Back in the late 60's, I found a white 62 ChevII that I believe had never been washed!
Funny thing though, it had discolered clear plastic seat covers over the red interior.
Needed a clutch and U-joints, and I got it for $300, from a Cicero Av. dealer!
Did the mechanicals, wet sanded, buffed and waxed, cut off the plastic covers, and it looked brand new!!
Drove it about 50k, and sold it for a grand, 2yrs. later!

White looks real good when clean - where are the pics??