It all depends on how far you want to take it brother. I wouldn't approach a DD (daily driver) the same way as a show car / garage queen. The former is going to need a more durable protectant (perhaps at the expense of shine or glow) and you are going to have to live with some of the deeper scratches it will inevitably get (otherwise you'd end up polishing through the paint if you kept wet sanding the same spots over and over as the vehicle took damage over time). There are also really good bang for the buck products and then there are specialty concours quality products and boutique products that cost a lot more, but have a much lower incremental quality for the price.
Before you begin any compounding/polishing you want to thoroughly wash the vehicle using a soap designed for cars.
Car Wash Guide, Car Wash how to - easy steps to shampoo and dry your vehicle using paint-safe mitts and towels, plus sponges, the Grit Guard and
You then need to clay the vehicle to get bonded surface contaminants off of the paint.
Auto detailing clay, detail clay bar, clay lubricant, Pinnacle Poly Clay, Wolfgang, auto detail clay, meguiar's detailing clay, auto clay bar
Only then do you start with compounding and polishing. Your polisher is a great polisher for you because it is almost impossible to "burn" paint with it. Burning paint is where you are going over the area and causing so much friction that the surface gets so hot it literally changes the chemical nature of the paint, thereby "burning" it. The PC is dual action, so it doesn't just rotate, but also oscillates, meaning it will not be going over the same area constantly, thereby reducing heat. It also uses momentum instead of direct drive, so put enough pressure on it and the pad will stop spinning, preventing you from grinding down on the paint and causing too much friction, which again, leads to burning. In fact, it's often recommended you put a little line on the side of the backer plate that faces you so you can tell whether it is still spinning or not.
Dual Action Orbital Polisher Guide: how to remove swirls, scratches, & oxidation with an orbital buffer. Porter Cable 7424, foam pads, backing plate,
M105/205 is a great combo. Think of the 105 as coarse sandpaper and the 205 as fine sandpaper. Those are getting out the imperfections like swirls, maybe some light scratches or even RIDS (random individual deep scratches) by actually abrading the good paint down to the level of the bottom of the scratches so it is all even again. That way the scratches no longer have edges, and therefore are not catching the light differently and showing up to the naked eye.
Don't worry about a pre-wax glaze for now, it's basically to get off old wax and sometimes fill in remaining scratches, but since you are waxing the first time and are using compounds and polishes, it's not really necessary. It's definitely optional.
Here is a good chart to get it straight:
Okay now as far as sealants and waxes, these are referred to as Last Step Products (LSPs), meaning they are the last product to be applied in the detailing process:
-Carnauba wax is derived from the carnauba plant via an expensive process. Carnauba wax is the old school, it is less durable (meaning it will come off sooner and will need to be reapplied sooner), but it tends to give a nicer "glow" or shine.
-Paint sealant is a synthetic product that uses polymers that actually bond to the paint of your vehicle. It is more durable (meaning it will survive more washes before needing to be reapplied) but it tends to not give as good a shine or glow. I keep saying "tends" here because this is a little subjective and also very, very dependent on the products in question.
To make it more confusing, sometimes when people say wax, they mean an LSP in general (either carnauba wax OR a paint sealant), and sometimes they specifically mean carnauba wax. You have to look at the context to tell.
Many people do what is called "layering". This is where they first put on a sealant, and then afterwords put a carnauba wax on top of that. This way the get the glow of the carnauba wax, but the extra protection and durability of the paint sealant.
It all depends how much you want to spend, how much time you have, and how good you want it to look. In my opinion for a DD, you should just put some Collinite #845 or #915 on and call it a day. Collinite is a carnauba wax, but it has the durability of some paint sealants. It's kind of like the best of both worlds. It's also a really good bang-for-the-buck option. #915 is a paste wax and is somewhat more durable, #845 is a liquid wax and supposedly has a little better glow. You definitely want to read up on how to apply this stuff (basically do one panel at a time, and put it on THIN, additional product just makes it harder to get buff off without enhancing the look at all). You will need some applicators and some good MF towels. Obviously I'm a fan of the info at autogeek.net and this is where I learned. Their forums are crazy good. Autopia is another one. I'm linking you to products on autogeek but better deals can be had if you look around.
Collinite Marque D’Elegance Carnauba Paste Wax #915, car wax, paste auto wax
Collinite Liquid Insulator Wax #845, liquid wax, heat-resistant wax, car wax
Collinite 845 at Advance Auto Parts - Auto Geek Online Auto Detailing Forum
Collinite #845: The Definitive How-To Guide For This Legendary Wax - Auto Geek Online Auto Detailing Forum
So to recap: wash, dry, clay, M105, M205, LSP (such as collinite)