To bondo or not to bondo?

Any rust area has to be removed to clean metal. Use a spray bottle to saturate the inner side of the panel with rust convertor. This will stop any further rust spread.

There are metal filler products that work good for small areas like yours..... Example.....


metal filler for rust holes - Google Search

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I did take a look at the rust yesterday, and none of it was bad enough to punch holes. There is a small amount of rust in the left and right side of the trunk area, but the rust i'm seeing on the outside is at the very bottom of the panel, where the edge is.
 
The rust is not large enough to punch holes. Im looking for what will last the longest. Most of it is just lightly bubbly, creeping through the paint.

Then your plan should be, sand down to bare metal. Get some good primer and lay it down before it flash rusts. Use some paint prep cleaner on the surface so you don't have any issues with it coming up from the metal. While getting your primer, buy a spray can or two of single-stage paint in the correct code/color for your car. You'll want to slightly blend it in with the existing paint on the panel. Make sure you scuff the paint with a red 3M pad if you're overlapping.
 
I did take a look at the rust yesterday, and none of it was bad enough to punch holes. There is a small amount of rust in the left and right side of the trunk area, but the rust i'm seeing on the outside is at the very bottom of the panel, where the edge is.

Then after cleaning the area out well you will need to use something to kill the rust in the tiny pits that are always present. Only after that could you epoxy prime the area if no fiberglass fill is to be used. When it comes to rust killing I use Picklex 20 to soak the area for 60 seconds before wiping away the excess then let sit for 24 hours.
 
Sand to bare metal with 120 grit paper. Spray bare metal with rust pits with rust convertor per directions on the can. Let it dry. Sand with 180 grit paper and feather into clean paint. Apply primer & let that dry. Lightly sand with 220 grit paper and feather into good paint. Apply as close a match in single stage spray bomb paint as you can. Apply 3-4 coats. Using 600 grit to feather out the hard paint line, and buff the panel. Don't apply wax over it for a month or two. You "might" have $100 in materials there and can be done over a few days with drying time.
 
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