My $60 paintjob!!!

[NoHachi]

Hope that Ivan will chime in on this thread, seeing as he has actual experience with this process. To be honest I don't think its worth the bother.
To get a reasonable result you need to do the same amount of prepwork that you would need to do for a regular spraypaint job. Around here I can get a quick respray (aka you do all the prep) for about 250E..thats mostly paintcosts but gives you a two component paint that will last at least a decade in our crappy rainy saltridden environment.

I actually do like the Matt-black/grey/red primer jobs like the one on our Trueno. Most important reason for me is that you can do quick local body work repairs, touch up the area with a spraycan and the car looks no worse afterwards.