One misconception about powder coat is that it looks better or is more protective than paint.
Powder does not look better than a good paint job!
As for protective, powder has a better adhesion to ITSELF than paint, meaning if you get a dent or ding, the powder will not "break" off like paint does. However, the problem this causes is should you get a dent that separates the powder from the steel, moisture can get trapped in there and deteriorate the metal quickly. Though probably not a big issue on our racers, Many of us here also restore Antique tractors, garden tractors and mowers. I have seen more than one irreplaceable piece of antique sheet metal ruined by powder!