I seem to use this stuff daily (not really but quite often) as a mechanic. We get it in a 10 ounce tube for use in a caulking gun (called the right stuff, basically the same stuff but a little thicker and dries faster). I'm talking about things that smell like vinegar, that's different. It adheres to surfaces much better than standard RTV and is said to have better oil resistance. I've used it as the sole gasket on transmission pans, differential covers, etc. I clean the surfaces very well with a brake cleaner and degreaser rag and apply a small bead over the entire surface, following the inside of the bolt holes. I've never had a single leak, if I use it I won't go back to normal things. Fel-Pro gasket kits often come with a black RTV that is thrown away and used in its place. I use it in addition to water pump seals, o-rings, sealing faces, well lets say anything that would benefit from an RTV. I just haven't used this stuff twice on water pump seals and I've only had a water pump seal leak twice. I will keep using it. Some say no because it's hard for them to wash off. Well I will tell you that it is 100 times easier to clean than the really old and very durable pads that were applied dry. Also, this stuff pretty much degrades after any decent brake cleaning, so spray it on, wait a few minutes and it'll soften up. (This does not affect its use as a pad, it only gets wet on the outside). If you don't use it for several weeks, it may harden at the nozzle and in the tube. I keep it in a prominent place in the garage, and from time to time I'll pull out the dried part at the end and seal the top with some caulk. I literally got out of the tube using this method for years. Of course, after all that resealing, you'll end up using a bunch of sealant just to steal it. But this way I used a lot more. Sometimes you can salvage a pipe that's too dry by driving a drill bit into the hole until it's clean.
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