I would just say a good old fashioned polish, but if like many old cars (especially red ones) the paint has become badly oxidised, I would say save your elbow grease and take it to a bodyshop for a mop session. MMM. Once you have got rid of the oxidisation you can then protect the paint so it doesn't happen again.
When you run your hand over the paint, is there a lot of friction? Try your bonnet or roof as these areas receive maximum UV rays which accelerate the paint deterioration. They normally go whiter than the rest of the car.