When I was 16, my first car was a 1989 Oldsmobile 98. It was repainted for me when I turned 17. The cost of that paint job in 1999 was $1200, not from Macco. And it looked fantastic. The painting isn't the issue, it's the prep work that you pay for. That is where most of the labor it.
On a side note, I intend to do a vinyl wrap on the Grand Prix eventually. While the paint is in good condition, you could get the materials for around $500, and for a weekend worth of time have a new color on the car that is fully reversible if you go to sell it.
matt
Paint is an issue too. Use crap quality materials and even the best prep job will start to look like crap in a short period of time.
2011 Mitsubishi Lancer GTS - DD mode
1991 Mitsubishi 3000GT - Many mods to come