Major paint oxidation
 

I just bought a 1985 Supra. I want to fix it up, its my first car. I got a real good deal on it, due in part to the major paint oxidation. I tried to use rubbing compound on it, but it just showed me how deep the oxidation is, it goes DEEP! My question is: How do I fix this problem?

Paint job time. Been there and done that. Waste of time trying to 'save' the old paint.

Thanks, thats what I was planning on doing any way I was hoping I could work with what I had for now. Oh well.