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Best thing to do for peeling and faded calipers on older boxsters is to send them to the guy who advertises powerdercoating/rebuilding in the PCA magazine. I think he charges $150 a corner.
Then they'll look nice for a long long time.
The problem with attempting to "repair" the red S calipers with flaking clearcoat is an issue of quality after you're done. To do it right, you'll need to remove them, sand them down all over, respray them with high temp red caliper paint, and then add the white lettering and clear coat them with high temp clear caliper paint. It's a lot of work and $150 per caliper starts looking awfully cheap before you get done with the second one!
And remember, you aren't just getting a cosmetic facelift, but a rebuild while you're at it. All new seals and pistons. Not a bad price, really. Some of the parts are very hard to find to do this yourself.
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