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I can't talk to time and money but I want to offer a caution so you go in with your eyes open. Orange peel can be present in the color coat or the clear coat. The amount of effort required to remove it can be directly proportional to the base of the condition. The clear coat on a Corvette is very strong but very thin. A simple matter of wet sanding can in fact break through the clear coat at the peaks of the color coat. This will expose the paint underneath to the elements which can lead to oxidation and damage of the paint. Make sure the shop knows what they are doing. Make sure they have worked with Corvettes before and that they know the dangers. You should consider having additional clear put on after the sanding to seal the paint in any areas that may have broken through.
The short answer is wet sanding and buffing can run about $700 - $1200.
The problem, and the long answer, is that people here who know the details of the paint say the orange peel is probably in the color, not the clear. Also, the clear coat in the vette is very thin. There is a high probability that any attempt to actually smooth the surface will at minimum break through the clear which removes the protection the clear provides. Then there is the issue if your car is one of the "tint coat colors" then shooting clear over the sanded surfaces isn't simple.
Your call, I dunno if it's worth it. Good luck. Let us know what you do.
ps: I do remember a member a couple years ago who had his VY car wet sanded and buffed and said it came out perfect. I didn't see it so I can't say.
I wouldn't do it. The paint has to be sanded with 2-3000 grit and then buffed out. One slip of the buffer and you'll need paint work. And you're not talking jsut a couple hundred bucks to get it done.
I've done some custom paint jobs and if you want a flat show piece it starts at the primer. Unless you want to dig deep into the pocket book be happy with what you have. Just keep it clean and waxed! It is ashame for such an automobile to have so much orange peel. Sometimes I look at mine in my shop w/flourescent lights and can't believe all the orange peel. Whats funny is the average person don't even realize it or see it. Just us that are perfectionists.
If you have the extra $ have them 'scuff the factory clear, apply 3 more coats of a high quality clear coat (House of Kolor) and then wet sand that. Regardless of the peel in the base, when light hits the sanded and buffed clear, it will look glossy and smooth.