I painted exclusively with lacquer for many many years. Seldom had any problem. The Duplicolor is a little different to be EPA (VOC) compliant. I still use it for specific purposes. On older cars that are lacquer, collectors ask that it be done as original. For something I need dry fast, like a mirror or fender, I may use lacquer clear over the basecoat so I can install and deliver it the same day. Lacquer will HAVE to be buffed for any gloss. It is pretty much goof proof. Mistakes can be fixed in minutes. Ive often driven the car home within an hour of shooting it...even in the rain. It DOES require a lot more care and upkeep. If its pampered, it can last as long as any other paint. In 50 years, Ive never had one come back for warranty. Ive done lots of showcars, even that are driven reasonably often that have been painted over 25 years in it. Pluses are very fast drying, easy to spray, premixed, not nearly as deadly to the sprayer as urathane. easy to remove any overspray, reasonably priced, can be redone at any time from an hour to 20 years with no ill effect. Minus are suceptable to weather damage (cracking and crazing), MUST be buffed, very selective colors available, easier to crack or chip in an accident because its brittle as opposed to other types. Basecoat/Clearcoat urathane is the most flexible and damage resistant. Urathane has very specific repainting procedures and times to fix mistakes.
I do most of my own vehicles in basecoat/ urathane now.....just for the extra durability.
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In body/paint business since 1964. Owned my own shop for 30 years...retired 2008. Still plays with cars.