Sometime in the early 2000's Ford stopped using decent paint on their frames. The paint was gone from the frame on my '03 Ranger after the first winter; looked about like your pic. The fact that it still has rocker panels makes it immaculate by Ohio standards. If you're not busy some weekend, raise the car up, hit the frame with a wire brush and some epoxy paint and it'll be good for years.
1988 CVLX Formal Roof (Love Boat) POTM July 2019 & Aug 2020, 56K
E-code lights w/ relays, LEDs w/ switchbacks, 15x8 Ansen slots w/ 255/60 BFG's, Kenwood stereo, various hacks.