It might have looked nice at one time or another. check out the dual exhaust system! http://www.ebay.de/itm/Trabant-601-...481240?hash=item4645f65118:g:N78AAOSwHQ9WacGk
Not my personal cup of tea, but I like how it looks like a big scale Hot Wheels car. Wonder why they didn't stick a big chrome blower coming up out of the hood.
It looks like the additions they added to the sides are made of steel (from the rust). Most of the time when people add homemade flaring, they make the pieces out of fiberglass. So instead of fiberglass on steel, it's steel on fiberglass!
If the bodywork is solid it might be a cheap project, new rear wings and door skins would fix most of the 'damage'