It looks rougher than it is, there is a black rust-proof coating sprayed on the edges. Its actually kind rubbery and smooth to the touch if you feel the edge with your finger. The plastic fender liner inside does kind just hang but its out of the way enough, works for me.
Had no problems driving to work today, I usually count about 5 trouble areas on the trip but heard and felt nothing today. Thats all I care about really...
This was 4 years ago so I don't really remember. I would guess about $100-200 to basically grind down the fenders and plastic and finish with the rust-proofing spray.
Also you should roll your fenders first, only cut/grind them if you really need it. Rolling should cost even less and just needs to be done slowly to avoid paint cracking. A few shops even rent out fender-rolling equipment if you want to do it yourself but I'd recommend someone with experience doing it.
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