Accuride says to use wheel bearing grease
Why would anyone use wd40? It's not a lubricant
Good Morning Mike!
All non drying greases and oils will attract dirt. Many of us do not maintain/service toolbox slides. So they get nasty and start moving slowly.
A better question is why put anything on them at all?
WD40 is absolutely a lubricant. It's just not a great one. WD-40 is essentially a light mineral oil, not unlike Kerosene in an aerosol spray bottle. Internet lore says "it's not a lubricant because WD stand for "water dispersant"". That's true. It was marketed that way, but that doesn't change what it is.
3 in 1 oil came from my home state of NJ! The 3 is "cleans, lubricates, and protects" just like the "special" CLP Breakfree oil you can pay crazy money for in a gun store. It too is just mineral oil.
You can use 3 in 1. Everyone should have 3 in 1 in their toolbox. I think WD-40 is probably used by guys who occasionally reapply it. Maybe the aerosol helps dislodge old dirty oil. And it helps you get oil in spots where you need it.
I'm sure some here would recommend SuperLube. SuperLube is really not an amazing grease. There are plenty of better greases. The advantage of SuperLube is that it's a full synthetic (and its conveniently available, where some industrial greases are only sold in tubes or 5 gallon tubs). So your drawers won't be stiffer in freezing temperatures. But if that's not a concern, then any other grease would work fine. If your box is essentially stored inside, and doesn't get exposed to any elements, dust, pollen, saw dust, grinding dust etc etc, then it probably doesn't matter what you use to lube your slides.
To be honest, dry film lube is probably the "right" thing to do. WD-40 makes a lot of sense when you think about reapplying it to flush debris out. If the only thing WD-40 did was blow out dirt, it would be worth it. But that's not all it does. It will leave an oil residue behind.