I use lithium grease if there is a chance that clothing or skin can touch the fitting. Good old general purpose grease works wonders for hinges, etc., but remember to wipe off the excess - excess only collects dirt and looks ugly. If cost is not a problem, there are synthetic greases that work great.
WD-40, like any thin oil, will wash off with water so it is only a temporary fix. I spray white lithium into the hood latches. Yea, I know it dries up and flakes away, but it is usually good for a year or so.
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Keeping it running is better than buying new
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