You will have to paint and trim the body. You will also need to glue the tires on. I have found a thick ca glue works better than the thin stuff.
Also install a fuel filter right away, this will help prolong the engines life, and since they do not come with one it is a must first hop up.
You can paint the rims, but yes, they will chip. You can get a paint adhesion spray from an auto parts store that will help the paint stick better, but a new set of black rims will only cost you about $12, which is a much better way to go imo.