Paint problems: Fading

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I have a '92 coupe, red, and my paint is fading. I don't know if there is anything that I can do about it but this is the second 240sx I've had and it is annoying the crap out of me. The paint seems to fade in some areas giving way to an ugly white. I don't know if polish would work or what. . I've read that you can take 2000 grit wet sandpaper and just brush off the top layers of paint revealing the glossy layer underneath but I'm a bit skeptical on this. Anyone who have any tips? I'm thinking getting a paint job as a last resort but then again, thats a last resort.

Thanks.