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I was hoping to save the original paint but its just past being a good idea
It is starting to peck with rust in particular below the belt trim. It does have a quarter size hole at the underside of each quarter. It will need to be sealed to keep it from getting more damage or I'll be chasing it for ever.
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That rust isn't going anywhere. As long as it doesn't see much weather (mainly salt or continuous moisture), it won't get worse. I've seen cars stay like that for years.