My car is only about a year old with original factory paint, so this was pretty easy. I bought a small bottle of touch-up paint from the dealer. If your paint is faded, or if the car has been painted, you can pick up color matched paint at your local automotive store.
The chip was approx. 1/4" x 1/4" and down to bare metal. First, I removed any loose paint. Then, I cleaned the chipped area with Dupont Prep Sol. The touch-up paint from the dealer comes with a big clunky brush that holds way too much paint. I used a #0 brush that I purchased from a local craft store. You want to fill the chip with the new paint w/o going outside of the chipped area. The trick is to apply several thin coats. Let paint dry for approx. 20min in between coats. It took 6 coats to fill the chipped area slightly above the surrounding area. Let dry for (1) full day. Now comes the most important step, wet sanding. Make sure you use plenty of water to reduce scratching. I started with 1,500 grit. I made a 1.5" x 1.5" x 1.5" sanding block from a piece of oak and cut the 1,500 grid paper to fit the block.
First, tape off the surrounding area. Use a small bucket and a sponge for the water.
wrap the 1,500 paper around the block. Wet the surface. Using VERY slight pressure, begin to remove the excess paint so that its even with the surrounding paint, keeping the surface wet with your sponge. inspect your progress frequently. Once the Newly painted area is even with the surrounding area, STOP! Follow up with a good polish. Hit it up with some wax after the polish. Done.