Undercarriage paint

It does depend on what look you're going for.

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I wasn't going for OEM correct but I wanted a look better than just painting everything black. I left many parts natural finish but coated them with RPM paste:

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This helps the parts stay looking fresh.

Otherwise, I'll paint other stuff a semi-flat black.

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You can use spray cans but you'll get a more durable finish using catalyzed enamel sprayed from a gun. I always use etching primer on bare metal first.