I got this rock chip just after my 500 mile service. It went down to metal and I was quoted $400 and $200 to have it fixed by a shop. My total to fix it, including all supplies was ~$85. This procedure can be also done for deep scratches in the paint as well.
Below: The Nasty Chip
No I am not a body guy or a pro painter, did a little detailing a long time ago. It is not hard to get decent results if you take your time and go slowly.
1 -- Get all the supplies you need including - Factory touch up paint, 1000 and 2000 sand paper, sanding block, no mark masking tape, spot patch body filler and the 3m scratch repair kit.
2 -- Clean the chip and surrounding surface with a degreasing agent, I prefer 91% Isopropyl Alcohol
3 -- Mask off the area where you will be using the body filler. I suggest making this area as small as possible. Apply the body filler to the scraper and fill in the chip, making sure to use enough pressure to get the whole chip filled. Remove the tape around the freshly filled chip and let dry.
4 Cut a piece of the sanding block into a size that is easy to work with. You do not want to make the sanded area any bigger than it needs to be. Masking off an area to be sanded can help control the size of the sanding area. Remember to always wet sand! This will aid in not removing too from the body part. At this point you can use 1000 grit paper, I chose 2000 which just means it takes more time.
5 After sanding clean the area with the alcohol and make sure you have sanded everything flat. If it is not flat wet sand until it is.
6 Now you can mask off the area you are going to paint if you want to. (For spray paint, you must mask. You want to mask by rolling the edges facing the repair back to attach your masking paper to. This will avoid sharp edges in your paint) I did not use a spray so I applied the paint with a 0/6 brush in small amounts using only the tip of the brush, going from left to right top to bottom. Remember the paint will shrink about 15% while drying. I do recommend wet sanding with 2000 paper between paint and clear coats. I applied 2 coats of paint and 2 of clear.
Below: First Paint Coat
Below: Sanded first coat
Below: First clear coat
Below: Second clear coat
Below: Second clear sanded
7 After you have finished the last coat of paint and you have sanded the clear smooth, use the 3000 grip pad in the polishing kit to scuff a larger area of the clear. This will remove any scratches or sanding marks that might have happened. From there follow the directions to use the two compounds and foam wheels in the scratch removal kit. It is very important to do this because each pad develops a different amount of heat and surface contact.
Below: After 3000 wet sanding
Below: After cutting compound
Below: After Polishing compound
8 Apply your favorite wax to the freshly repaired area and admire your work and count the $100 300 you just saved.
Below: After waxing
Below: In the sun
Note: I know my repair is not perfect and I am debating going back and redoing it again, but for now I dont have a huge rock chip and unless you look closely you will not see the repair. I hope this has helped some one save a few dollars and the grief of this kind of thing happening.