I guarantee you that it doesnt have a clear coat. If its faded to a pinkish hue (seinfeld, sorry) than it has no clear. Reds are the worst to try and bring back. Once the color has faded, you might as well go to a body shop and get a base/clear paint job. If you do decide to wetsand and buff it, the residue will be all over the place and it will look shiny for a few weeks, then slowly fade back to pink if you dont wax it every 2 weeks. The weather stripping will collect the pink residue and hold it. It would be better to hit up a body shop and get new paint IMO. And trust me, Ive buffed out ALOT of red cars in my lifetime and dread anyone who has to do it.
Also, the paint in the pic looks wet, which looks good if it were wet all the time. Another thing u can try is aircraft paint stripper. Spray that on, wait a minute or 2, get a plastic putty knife and scrape off the old neglected paint. That way u have a fresh surface to work with. Good luck on whatever route you take.
Ask mymmeryloss how my paint looks. Ive been detailing a long long time.