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Uncoated or Bare Aluminum Wheels - You'll quickly see black residue build up on your polishing cloth
Clearcoated Aluminum Wheels - You might see some dirt residue on your polishing cloth but it won't turn black like you'll see if it's bare aluminum.
Anodized Aluminum Wheels - Same as clearcoated aluminum, you will see a little colored residue come off, usually the color of the anodizing but it certainly won't be anything like what you'll see if you're working on bare aluminum.
Chrome Wheels - You shouldn't see any color coming off chrome except for any built-up roadgrime that didn't come off when you washed the wheel and this will tend to be kind of a dirt color, light brown. After you remove any roadgrime then you won't see any color come off the chrome at all.
Clearcoated Wheels - Since clear paint is clear, you should see no color or pigment coming off on your polishing cloth. If there's dirt or roadgrime built-up on the clearcoated wheel you'll see a little brown color coming off but that will stop once you have the roadgrime removed.
Painted Wheels - If you're wheels are painted a color and not clearcoated then if you rub a little polish onto the rim you'll see the color of the paint coming off onto your polishing cloth.