As usual, I'm going to contradict the experts around here. First off, painting is very much something you can do in your home garage. It can be done cheaper and, in my opinion at a higher quality than if you turned it over to many of the "pro's" out there. You don't need a zillion dollars in high-end paint guns and commercial compressors, nor do you have to forsake quality just because it's your first paint job. Anyone who tells you any different has first off never done it themselves (like 90% of the answers you just got) and second has never taken the time to learn what's involved in painting a car. How do I know? Because about this time last year, I sprayed my first paintjob ever, and it turned out nicer than any of the people who told me to just pay someone to do it ever thought it would. First thing you need to do is ask yourself if you're doing it to save money, or if you're doing it because you love the car and want to learn this skill. In short, because you enjoy the pride that goes with doing something yourself. If you just want the car painted, quit reading right now and start looking for a bodyshop, you'll be better off in the end.
To paint a car, you need to know what you're getting into, blow a few bucks on books and videos. I recommend books like "Secrets of Kustom Painting" and "Advanced Kustom Painting" by Jon Kosmoski. These books are full of information and good advice as well as techniques that you can use with a minimum of tools and cost. The first book is kind of outdated as far as gun recommendations go, but otherwise it's a great book. Good videos include the "Paintucation" series by Kevin Tetz. He also has a good forum at
www.paintucation.com and it's full of experienced painters, first-timers and others who are very nice people and very willing to help.
As far as equipment, I painted my car with a Sears 6.5 hp/ 60 gallon upright oil-less compressor. Most pro's will tell you that you need a reciprocating compressor, but mine did well and for under $400 it'll be in my shop as long as it runs. I plumbed my shop as per Kosmoski's recommendations which is outlined in his first book and works unbelievably well to prevent trash and water from ever getting to your filter/watertrap, let alone your gun. Most painters would be horrified to hear this, but I shot every part, from primer to final clear, of my car with one gun. Why? Because it's all I could afford and it worked nicely. I bought a Devilbiss Finishline 3 off ebay for $117, a regulator for it from
www.autobodystore.com for $20 as well as a couple different tips for clear and base and I cleaned the gun thouroghly every single time I used it and not once was I sorry, it worked beautifully. You also need a fresh-air supply system if you plan on living long enough to enjoy your new paint job and while those typically sell for $400-$500 on up, I borrowed one from work for free. It's a real pain in the butt to drag an extra hose around, but it beats getting isocynate poisoning. As far as your "paint booth" goes, you need to get it as clean as possible before you spray, if you have to leave stuff in the shop when you spray, cover it as well as you can to keep debris from your barbeque grill or whatever from getting in your paintjob. Common sense would also tell the home painter to keep the family dog out of the shop while the spraying is taking place to avoid having your car look like a popsicle in a windstorm (full of debris). To keep your new paint job from having all the smoothness of a sack of walnuts, be as picky as you can stand about your bodywork, when you think you've got the bodywork perfect, shoot another couple coats of primer, then a guidecoat, then block it one last time. I blocked my car 4 times, even thought it is white. Remask the car after any sanding with quality masking paper, don't use the Sunday Times, it's a nightmare to use and masking paper is a whopping $6 a roll at my local paint store. When painting, attutude is everything. If you think you can do it, then you CAN do it, but if you're one of those people with all the positive attitude of Eeyore, the luckless donkey in the Pooh stories, forget it and pay the bodyshop. Good luck!