One more thing that I would like to add here is that, I think a lot of people are mixing waxing and polishing. I'm making this guess coz a lot of people are referring to the formula-1 carnauba wax as a polish. Here's what we need to remember:
Car Polish: A paint polish is an abrasive lotion or cream used to remove small amounts of the paint's surface. The cutting ability of the polish will determine the amount of paint removed with each hand stroke or each revolution of a buffer, as well as the resulting finish. A fine polish will create a bright, glassy finish, whereas a coarse polish may cloud the paint's surface. Each polish is designed for a specific purpose (e.g., repair or refine) and application (e.g., hand or machine).
Car Wax: Regular waxing is necessary to protect your car's paint from the elements. In addition to sealing and protecting, waxes also improve the appearance of freshly washed and polished paint. If you use the right products, you can successfully layer waxes and sealants to make your paint look deeper and almost liquid.
But I think most of us are using waxes in daily life, but refer to it as a polish in common words. Please remember that polish is only required if you want to to remove minor scratches, surface imperfections, water spots etc and wax is used to leave a layer of protectant on your paint that also gives a shiny look.
