Powder coat or spray, in my experience the new paint is not ever as durable as the original paint. Unless it is done by a highly skilled professional who takes great pride in his/her work, chances are it won't look as good either.

Old bikes with new paint can look good but I am not ever as impressed as I am with a good looking old bike with original paint. Of the bikes I have repainted, I have always regretted it later.

I bought one bike that had been repainted, but I won't ever, ever, ever buy another that doesn't have original paint because you can not ever be sure what is underneath.