WD-40 and 0000 steel wool - now what?

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Working on a ladies prewar bike that was stored indoors for much of it's time. The paint is faded and pocked w mild rust but this whole bike is going to be approached in a pretty casual style. I'm using seconds and leftovers for parts as an experiment in restoration techniques so that next time I will have some experience. I'm also trying some white vinegar soaking of plated parts and maybe even some electrolysis rust removal too but i'll leave that to a different post.

For now I'm looking to preserve the "patina" paint look ( as opposed to repainting) and my question is this: I've used soap and water first and then 0000 steel wool and WD-40 to lightly remove the peppering of rust on the painted two tone frame. I'd like to wax it next but am seeking advice about how best to proceede. Should I worry about the WD-40 residue or just go ahead with the wax job? I was thinking of using mineral spirits or something to get rid of the WD-40 but maybe it just evaporates?

Also are there any good tips or tricks involved in getting a good wax layer applied? I've heard of paint luster- boosting turtle wax brand products but in my past experience the hard part with paste wax on a bike frame is getting a frame buffed out nicely since one can't easily use a power buffer on tubular frames. How big an area do I want to wax at a time, etc ? Any tips or experienced advice is appreciated.
 
I worked on bikes most my life and Have tried the wol and w-d40.Just take mineral spirits or acetone/aka fingernail polish remover and get the wd off and than if you can find this opposed to a wax is TR3 resign glaze and polisher buy that and apply that as your base.It will restore the patina with a nice luster and keep the rust from coming up.Than after you lay that onto your bike and it got everything shining.You can wax it to get it even a more glossy look.
http://www.oreillyauto.com/site/c/detai ... &ppt=C0209
So you can what the can looks like.
 
I have found that CLR and,comet dish soap used whiped into a pasty rubbing type compound will eat off most rusted with light acidity
Then I clear coated stuff to protect the paint
 
Thanks to all so far who have responded. Acetone seems kinda harsh for a light cleaning on an already fragile paint job, so I'm going to stick with mineral spirits for de-greasing and paint prep. I'll try that TR3 resin glaze however - I'm a sucker for anything in a bright can that promises a quick fix, lol. Anyone know what the heck is in it? They say it is safe for hands and cleans up w soap and water.

I get the feeling that light abrasives are really the key here, and the common denominator - and 0000 steel wool is great for that. On another note I did buy four gallons of white vinegar last night.... getting ready to soak some plated metal parts.
 
for wax, I like to use Turtlewax Ice liquid.

It may not be the absolute best wax, but it does not dry white, which means that you don't have to struggle to get the white wax out of all the nooks and crannys that bikes have.
 

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