I own the Porter Cable 7424 Polisher, I've had it for about 7 years without a problem. I bought from Amazon.com (No Tax & Free Shipping). I didn't use the Polishing Pad that came with it, instead I used Meguiar's Rotary Buffer Backing Plate (W64-5) with Meguiar's Soft Buff™ Foam Polishing Pads (W8006) also Meguiar's Softbuff® Foam Finishing Pads (W9006).
I would definitely recommend the Porter Cable 7424 for Polishing but I have never used it for waxing. I use Meguiar's Polishing Products, Machine Glaze 3, Show Car Glaze 7 and Swirl Remover 9. Then I Hand apply 4 coats of Zaino's Z-2 PRO Show Car Polish with ZFX Flash Cure Accelerator.
http://www.zainostore.com/
Before Polishing I wash with Dawn dish wash soap, this removes the old wax and then I use Meguiar's Clay Bar while the car is still wet
Like Joe Black said, Stay away from the cladding. I even would tape it off.
Hope that helps.
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rickshaw
Original Owner
2001 Dragon #0467