Well, I'm not going to disagree with the others. I think that price would be worth spending.
However, I do all my painting myself, and always have. So, from my slightly-biased viewpoint, here's my advice on what you can get away with.
For a start, that red is hard to work with, because it fades to pink really well. You're going to have to decide whether to repaint the whole car in the original red, or most of the car in a 'matched' pink.
The hardest parts of a car to paint are the large horizontal surfaces (roof and bonnet). Why? Because it's difficult to hold the spraygun at 90-degrees to the surface, so you get a variation in thickness that gives orange peel (roughness). Also, and for the same reason, it's difficult to overlap the 'bands' from the passes with the spraygun. Finally, the horizontal surfaces give maximum catchment area for dust.
Paint: Spraying with aerosol cans may be suitable for a small (30cm square) area, but any more than that and it just won't work. Also, aerosol can paint (usually lacquer) is not as durable as the proper acrylic enamel paint that the car was painted with originally. In the factory, this paint was baked on hard. The closest you will get is a 2K paint (two-pack, paint and hardener that releases nerve-toxic isocyanates) from a quality brand such as PPG or Sikkens. This paint will be surprisingly expensive - to paint all of the Punto you'll need 3-4 litres, plus 1 litre hardener, and perhaps 2 litres of thinners - total bill probably over 100 pounds...
Still keen? You'll need a compressor with at least 8cfm displacement and 40 litre tank, though I get by with a 25L. I use an old Devilbiss JGA spraygun, but there are lots of cheaper imitations that can produce a good result, given lots of practice! You'll probably get a compressor, spraygun, and air hose (go for the non-springy type) for 200 pounds - but don't forget an air filter/water separator for the gun as well, and a pressure regulator if the compressor doesn't have one.
We haven't even started talking about the hours of sanding and priming required... for small areas I use an aerosol of primer/filler (really thick yellow primer) as a shortcut. This isn't ideal (you should be using a proper two-pack primer for the best foundation, as the aerosol primer/filler may shrink and this shows as scratches in the paint.
Basically, you are going to be putting in A LOT of time (how do I know - well it's what I shall be doing on my Uno today, tomorrow night, next weekend, and the weekend after that... and that's just for one panel!) but if that doesn't put you off, I'm sure you can produce a result that you can be proud of. Preparation is the key to a good paintjob - that's why that quote seemed cheap, because it takes many days of work to get ready for the half-hour or so of joyous spraying.
-Alex