Every 100 miles or after every weekend, I wipe down my bike and just wipe my chain with a rag with WD40 and liberally relube my chain every 400-500 miles or once a month. I let the oil sit on the chain and drip off onto old newspapers over night and then wipe off the excess dirty oil. Sometimes, I just wipe the excess lube off right away.
At 1500 - 2000 miles, I do a complete clean. This involves taking off the wheels and chain. I clean the cassette with a degreaser (Muck-off), brush, water hose (not spray), and then immediately relube the cassette liberally with dry lube and then chain lube - and let sit overnight and wipe the excess lube off. I take the chain and vigorously shake it in a plastic bottle half filled with degreaser, then half filled with water to wash off the degreaser, then immediately relube with dry lube and then chain lube - and let sit in a small pan over night and wipe the excess lube off. My chain last two to three cleaning cycles (or 5000 miles or one year).
At about 3000+ miles, I noticed salt crystals starting to grow out of the steering column spacers so I brought my bike in for complete clean, service, and lube, which also involved cleaning and re-greasing the steering column and the bottom bracket, my bike mechanic also replaced the partially rusted shifter/brake cable so those plus the housing for $40.
My chains cost about $50 and last about 5000 miles or about a year - I think I would rather replace them before they break. My tires (Vittoria Open Pave EVO CG or Corsa EVO CX or Continental GP4000s) cost about $80 - $110 a pair and actually last about 3000 to 4000 miles, or less than a year - I replace the tubes after the second patch and also replace both tires and tubes when the back tire flats the second time due to wear.
As for cleaning agents and lubricating agents, as a bio-organic chemist who has to work with mechanical engineers in pharmaceutical and food factories, please let me offer my opinion. There is nothing chemically wrong with WD-40 or other mineral spirit type oils other than that they are very light weight. This is because they were originally developed to be used primarily for sewing machines and other light load, low heat, and high revolution machines. This aspect most resembles bicycles. However, those sewing machines need to be lubed on a daily if not hourly basis. At the other spectrum of lubricating agents are the motor oil type, both natural and synthetic types. A winter weight motor oil (5W30 or synthetic grade) should theoretically be perfect. These motor oils can withstand high temperature, high heat, super high revolution beyond anything a cyclist can put out and have an additional property of still being able to lubricate in the presence of dirt or other contaminants, present in internal combustion engines. Case in point, motorcycle chains are thicker for strength, do not wear out, and last a while. This aspect would be most advantages for bicycle chains and parts except for one teeny, tiny downside - motor oil is non-biodegradable and probably carcinogenic. Lastly, are the bicycle specific, biodegradable chain lubes or dry lubes. These are probably some form of vegetable oil, the only type of oil that is biodegradable, with additives that keep the oil from turning rancid. Most likely, biodegradable bicycle chain lune would be safer for you and the environment.
Mark
Last edited by MarkThailand; 11-24-12 at 10:33 PM.