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Once you clean the rim with car soap and water use a good quality metal polish to get a bright shine. Here is one I use now that was suggested to me by a gent that had been doing auto body for 50+ years. It works great!
WD-40's formula is a trade secret. To avoid disclosing its composition, the product was not patented in 1953, and the window of opportunity for patenting it has long since closed. WD-40's main ingredients as supplied in aerosol cans, according to U.S. Material Safety Data Sheet information, are:
50% "aliphatic hydrocarbons". The manufacturer's website claims this ratio in the current formulation cannot accurately be described as Stoddard solvent, a similar mixture of hydrocarbons.
<25% petroleum base oil. Presumably a mineral oil or light lubricating oil.
12–18% low vapor pressure aliphatic hydrocarbon. Reduces the liquid's viscosity so that it can be used in aerosols. The hydrocarbon evaporates during application.
2–3% carbon dioxide. A propellant which is now used instead of the original liquefied petroleum gas to reduce WD-40's flammability.
<10% inert ingredients.
The German version of the mandatory EU safety sheet lists the following safety-relevant ingredients:
60–80% hydrogen-treated heavy naphtha (a petroleum product used in wick-type cigarette lighters)
1–5% carbon dioxide
It warns of the product's high flammability and the risk of irritation to human skin when repeatedly exposed to WD-40. Nitrile rubber gloves and safety glasses should be worn (ordinary rubber disintegrates if exposed to petroleum products). It also mentions that water is unsuitable for extinguishing burning WD-40.
In 2009, Wired published an article with the results of gas chromatography and mass spectroscopy tests on WD-40, claiming that its ingredients make it resistant to freezing.
I buy WD-40 by the gallon and use it for a lot of things but I would never spray it on wheels as it would get on the brake rotors. Use a wheel/tire cleaner and a soft bristle brush for the best results, and rinse off as directed. If you use anything on your tires, avoid getting it on the wheels and brake rotors. I like spraying the tire shine on the soft bristle brush and putting it on the tire that way.
On wheels with a glossy finish; use any regular car wax after cleaning and drying.
Drying after washing the car; have you ever seen anything more ridiculous than the vacuum cleaner with the hose on the exhaust end, sold as a 'car drier'? Of course it works great, but any vacuum cleaner or Shop Vac with a blow fitting can do the same thing!
I always used my 200mph Toro leaf blower to dry my motorcycle after washing. Too many nook and crannies to dry any other way. It works great on the truck too....