My neighbour has an 06 Mercedes and a K reg Peugeot that he uses for work. He's just gone and got the K reg completely re-sprayed. How much would a K reg be worth now? A lot less than a re-spray....
I know these people quite well as it's my ex FIL and he wouldn't know anyone who'd do it as a 'favour'
It really depends on the relationship the guy has with his car, I have spent thousands of pounds repairing old worn out Land Rovers in the past and lost money when selling them but I loved my Land Rovers.
Some folk I know spend hours and hours tending their vegetable gardens and tomatoes and suchlike, which costed at say £15 an hour soon adds up over the year; when they can just go down the shop and buy them fairly cheaply. Madness.
My mate once spent a fortune getting his van welded, way more than it was worth, when I asked him why he didn't spend the money on a newer one he said he could have done but this way he knew the van was all up together and so would last a few more years, whereas he wouldn't know what might need doing on a new one. I could see his point.
My daughter and son in law both drive old cars, daughters is an L reg Astra gsi, they have spent thousands on it, restoring it all back to original, putting a red top engine in and now they are getting it resprayed. I asked sil why they didn't just get a new car and he said that he wouldn't have a new car if it was given and that the old ones are the best (his is a K reg nova).