I've been doing this with my summer school kids for many of years. We have
painted old stinky trashcans and new ones with plain old acrylic house
paint. The janitors tell me that the bottom rusts out of the trashcans from
soda in a few years anyway. We don't get snow here, but it gets blazing hot.
The colors fade, but none have peeled. I'm for saving money and painting
more trash cans.