If car parked in covered place mostly, then coating enough (some cheaper ones just reapply every 6mnths or so), but honestly unless car is high value, both may not be worth doing but to each their own.

If parked outside and paint already faded, repaint & wax the hell out of it. Then rain self wash to remove dirt & rewax...thats the best way...like care for bonsai tree pulak.

Wrapping onto bad paint = peeling of paint when wrap comes off, remember that. Also imperfections on the body/paint will show on the wrap, as it takes the contours of the surface.