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Chrome plating is a coating that consists of at least 3 layers of metal....it does not "breathe" any more or less than the base surface.
If a ferrous (steel) base metal was not properly prepped before plating, it can rust from the inside out. If there is a flaw in the plating, and the steel part becomes exposed, it will also rust.
Think of chrome as not much different than paint. If you paint over rust, expect the rust to reappear soon. If you chip the paint, expect the bare spot to rust too
Waxing won't hurt nor help the actual corrosion protection chrome plating provides, but it does tend to enhance the shine and clarity of the finish, and will also help prevent light surface scratches in the finish from wiping it.
Thanks for the replies people. I guess that puts to rest the old wive's tale about "breathing" chrome! I'll just continue to do what I've been doing. Using glass cleaner to clean and wax to protect.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.