The problem spots would be the mounting points... besides I do not think CF can withstand a planar impact as well as steel, I could be wrong though. I haven't seen CF off-road skid plates. The epoxy or resin once scraped off exposes the CF weave, rendering it useless IMO.

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85 190E 2.3(SOLD)
86 230E (-->300D) sold
87 300D (-->300TD) sold
68 250S w/ a 615 and manual tranny (RIP)
87 300TD (SOLD)
95 S280 "The KRAKEN" (Turbo 2.9 602 transplant) traded
86 190E 2.3... current project