I have been on the hunt for an affordable, water-based, water-resistant tire dressing for a while, and I think I have found it.
SmartWax Smart Dressing spreads very far on a tire and leaves a nice black, satin look. It is also dry to the touch immediately.
Here are some pics, but it was getting dark so they are not that great.
http://i1014.photobucket.com/albums/...ps6112c7b2.jpg
http://i1014.photobucket.com/albums/...ps0b872168.jpg
Now here is the impressive part, after driving through very heavy rain:
http://i1014.photobucket.com/albums/...ps4gmaxvy9.jpg
To show how little it faded, I reapplied it to the top half of the tire, and as you can see, a very minimal change:
http://i1014.photobucket.com/albums/...psxywyxhjv.jpg
And because I was lazy and didn`t dress the bottom of the tire originally, you can see the difference between undressed and dressed after 3 days, with one of them being in heavy rain.
http://i1014.photobucket.com/albums/...psrv94qj1y.jpg
I`ll do my best to keep up with its durability, but so far I am very impressed with its performance. Most other water based dressings would nearly be gone.