I believe it has little specifically to do with the colors but more the appearance of the colors. For example, any car that shows scratches any other imperfections easily would likely benefit more from black wax, where as a color that tends to hide imperfections would benefit more from white wax. Another factor to consider would be that darker colored cars absorb much more UV rays than lighter color cars, so they need polishing oils more often to address the oils being dissolved by UV radiation (like the cholesterol in our skin) or simply dried out.
In short, white wax is for vehicle paint that primarily need defect removal, with a lesser emphasis on polishing oils, while still having a high quality long lasting wax.
Where as, black wax is for vehicle paint that primarily needs polishing oils with a lesser emphasis on defect removal, while still having a high quality long lasing wax.
I see these as higher end AIOs with an emphasis either on defect removal, or paint conditioning with polishing oil.
We also need to remember that most of Meguiar's products and marketing is designated towards the average Joe, not a highly knowledgeable enthusiast. It's simplified to make the choice of "What product do I need" easier for the average person.






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