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Here in the UK this would be pretty normal car around this age….they salt roads pretty heavily in bad weather which really contributes to stuff like this.
But looks like it’s just the rear subframe, that’s only thing under there that’s steel. The front subframe is aluminium, along with the suspension arms.
Just keep an eye on the suspension coils/spings as paint can crack or rub off these and trap water which can also lead to corrosion of the spring and ultimately the spring failing. Not ideal!
But yeah what you see there can be treated, or even powder coat subframe if you wanted to.
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