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Excess oil on the chassis will only attract dirt. I use a silicone spray when lubricating chassis parts.
If you use cow RCs moo-tor cleaner its electronic safe so you dont have to worry about it. Its a wee bit pricey but its really good stuff. I have some right now and I really love it. For a cheaper solution you can use denatured alcohol which is also electronics safe...just make sure you give it a several minute to dry before putting any electricty through it.then after you spray on the dentaured alcohol you can hit it with some compressed air to knock the dirt off...it wont come out as clean as a full tear down obviously but it will do fairly well assuming you dont have caked on mud etc.
Theres other ways to do it as well. some folks waterproof all their electronic or remove their electronics and hose it off with a waterhose and then hit anything that might rust with compressed air to blow the water off/out of it and then hit it with some silicone based lube/protectant like the aforementioned moo-slick or Blaster for garage doors.
IMO nothing beats a total tear down and cleaning and for that I use simple green and/or denatured alcohol and again use silicone lube on rustables after I'm done cleaning them and putting the kit back together. This obviously is the most time consuming and doesn't have to be done everytime but Id say every 5-10 sessions you should do a total tear down cleaning not only because some of your bearings will need cleaned by then but also it gives you a chance to look the whole kit over for rust, cracked or broken pieces, leaks, or anything else that maybe wrong with the kit.
Hope that helps.
Just as Bones says you will get a dozen different answers. For chassis lube I use LiquidWrench dry film lube made for chains and locks. Inside the engine I use after-run oil or WD-40. Either one is fine. Marvel Mystery oil is also good and last a little longer than WD-40 for long term storage. I would highly suggest against using castor oil as an after-run because it WILL gum up over time if you store for a while. Then guess what? You have a gummed up engine you will have to tear down.Buddy, you're going to get so many people telling you so many things you probably still won't know what to do. I have a friend who has been doing this since they started making RC stuff and he says he uses castor oil because it contains no additives. I use that, I use wd40. I use Marvel Mystery oil. They say don't use wd40 because it contains silicone. I have no idea why silicone would do damage and need someone to tell me why. (unless it would eat up the seals on you bearings?) For parts and gears I'm using Dupont Teflon Multi-use Lubricant. Its a dry lubricant. Bicycle racers use it on their chains. After it drys, it does not attract dirt but still provides Teflon lubrication.