I used to use plain Mothers Carnauba paste wax on cast iron surfaces of my tablesaw, jointer, drill press, etc. It worked Ok, but even a thin coat could get wax on the workpiece, causing finishing problems later.
Now, there is a dedicated product (Bostik Glide Coat) that works just as well without contaminating the workpiece with wax.
However, for long term storage, I think wax works better. Plain wax, no need for the polishing compounds or any of the other additives in automotive waxes. I still have an ancient can of Mothers in my garage for the machines.