If your not changing the color just repaint the bumper. If you want a different color wrap it. Keep in mind the wrap is only good for ~5 years. So yes it's cheaper and can be removed but if you wanted to keep the color for a longer period of time painting may be better in the longer time frame.
Also if you have that type of wear on your front bumper after only a few years I would be a little concerned how well the wrap would hold up compared to a good repaint w/ a clear bra.
Either way sounds like you have to do something
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