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The only thing I have ever done over the years is some Stabil in the gas tank and a battery tender for the battery. Use some Honda Spray Cleaner to get the bug juice off everything and just let the bike set for the winter. Come spring just climb on, fire it up and ride away. Don't cover it, spray it or anything else during the summer so don't see any need for it in the winter either. Parking it for 4 months or so during the winter isn't going to hurt it.
WD-40 is 50% aliphatic hydrocarbons, a class of compounds that include paraffin, ethylene and acetylene (although the company doesn't specify which). Here's a link to the MSDS: http://www.wd40company.com/files/pdf...d494716385.pdf. It's primarily a solvent that has some lubricative properties.
While it's pretty good at displacing water, it reacts poorly with salt, creating a "crust" that can be difficult to remove. Additionally, the USN concluded years ago that it can contribute to the formation of corrosion (but does not in and of itself cause corrosion) because, as a solvent, it can "wash away" oils that protect metal from corrosive elements. A good CLP is, IMHO, a much better choice for long term protection.
We use CRC 6-56 on the marine stuff for storage. It's not flammable like WD-40, but protects very well. Leaves a very light oily coating and also stops corrosion. Be certain not to use anything containing silicone on an O2 sensor equipped bike.
I have been using WD-40 on my bikes for years. Just spray it on in the fall, hose it off in the spring, no rust, ever. I use it after every wash all summer too, just in the most rust prone areas, though. Sure it attracts dust, but by then you can just hose it off again. No worries. I stopped using the stuff on firearms however, as I found small parts would gum up over time. I don't know about the marine environment the poster above mentioned, it just works on my bikes very well .
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