How to preserve mill/lathe stored in unheated/unairconditioned garage

I met a guy that runs a small A/C unit in his garage almost all year to prevent rust, all his machine ways look like new.
 
Do not cover machinery to keep the dust off. Especially in the spring when the metal is cold and the air temp in warmer, frost and/or condensation will form on the cold metal. Uncovered, it will dry off and be fine. A cover will hold the moisture around the machine. First hand experience here. If you are heating under a cover that is completely different.
 
I thin the oil with Diesel and put in a sure shot sprayer http://www.sureshotsprayer.com/

It only takes a second to hose it down. yep brushing it on works just as well, but takes at least five minutes per application and you still miss spots.
 
I like to use a tacky oil , gear oil and 30 wt mixed and a sureshot sprayer to apply . Or a bar oil for chainsaw. I try to put cover over top but don't tie down and I use HF moving blankets. If you keep them oiled they won't rust , coat drill bits tools my shop has no heat , not lazy and I'm disabled so it's tuff on me to do more.
 
Thanks everyone for all of the advice! I'll be trying multiple things to try and see what's best.
 
Nobody has mentioned running a dehumidifier. I have one on 24/7 set at 60% in my shop. Works well to keep the rust away.
 
Marine engine fogging oil is made expressly for the purpose of storing machinery outdoors through the winter. Prevents rust and seizing. Lasts quite a while.
 
Take a tip from the firearms industry; VPHP (Vapor Phase Inhibitor Paper). Smith and Wesson (and others) used to (and still do) put a piece of this paper in with every gun they ship. In spite of those guns being carbon based steel, they do not rust. This product is also available in liquid form and you spray it onto the metal you want to protect from rust. I use both the liquid . paper and wax cube forms of this substance and have done so for more than 20 years. My shop is in my (very humid and prone to flooding) basement and in all those years there has been no rust on those tools treated with this product. The product gives off a fume that is odorless and binds with the surface of the metal to stop rust from forming. One brand of this product is called "Bull Frog Rust Preventive" . You put the specified amount on the ways or other surfaces you want to protect and then cover the machine with plastic sheeting or cover to seal the air inside. It works wonders. The product protects the metal surfaces for one year from date of use. It is the easiest form of protection that I know of.
 
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