Is the paint the problem or the striping? The striping can be easily replaced. You can probably get (order) replacement rolls from a local Bayliner/Searay dealer. As for the paint, the best thing to do would be to try and use some wax or restorer to bring it back. 3M makes a great line of products. Since we can't see how oxidized the paint is, I'd probably go from a product with a lighter cutting compund to one with a heavier if you don't like the results.
3M Clean and Wax has a mild cutting agent and is an all in one product that only needs a single application.
3M Marine Color/Gloss Restorer is a light version of a rubbing compund. It is slightly more aggressive than the Clean and Wax. This is a 2 part process, similar to using rubbing compund. Once this step is completed, you'll need to apply some 3M Marine Liquid Wax. This is for heavier oxidation and faded color.
3M Marine Rubbing Compound is much more aggressive and for heavy/chalky oxidation. This also requires you follow-up with a coat of 3M Marine Liquid Wax.
I would try a little bit of clean and wax in a smal area first to see if that does the job. If not, go up one to color/gloss restorer. You're going to need ALOT of buffing heads and clean rags and swap them out frequently. Once the buffing head (used with a orbital buffer) gets clogged, it makes the job 10 times more difficult. Same with the rag you remove with. Once either start skipping and becoming very difficult, it's time to swap.
I usually go through 10 or so buffer heads and 20-30 rags to do the entire boat (28 ft.).
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