First thing I'll mention is that vinyl thin. It will show many/most textures beneath it.
It's harder to install vinyl than it is to produce it (full print or just cut color). Sometimes one mistake can cost you an entire graphic.
I've done it more often on interior projects and cars, but it's tricky to learn to do. That said ... it does have a decent survival rate. Similar to paint, but you don't have any sort of a coat on top of it ... so, you scratch it, and it kinda' peels up. Hit by a pebble on the road and it can blister a little.
If it's a small area, and just some simple color (stripes and such). Vinyl is more economical. If it's a large area, but still mostly blocks of color that can be cut material as opposed to printed - the economy is closer to a wash (painting may be just as easy/effective). If you're printing to vinyl (like a full image wrap), vinyl is more economic than paint.