Polishing wheels are basically cotton (wool?) fabric layers pressed into a wheel shape. They are all pretty much the same.
What does the work, is the polishing compound applied to the cotton wheel. There are many types, for many purposes. They vary in coarseness. Start out coarse, work your way down to finer grains, if you really want a smooth, polished surface when done: 400 grit, 600 grit, all the way to 2,000-3,000 grit, if you want a glass smooth finish. Harbor Freight sells various polishing compounds (green, blue, black, grey, and white). Apply these to the polishing wheel, to onboard it, then apply your model to the polishing wheel; repeat as necessary. YouTube has videos on the topic, as well.
You may want to use a moto-tool, instead, as the polishing wheels are smaller, easier to get into the small nooks and recesses of a small model car, like a Hot Wheels car. Same everything, except for size. Bench grinders/polishers have high RPM, high power, and they like to grab things out of your hand, hurtling them at great speed, away from you, towards the wall/floor! "Hulk SMASH!"
Polishing the metal will make it more difficult for paint to adhere to its surface, however. Paint needs some (microscopic) tooth to grip.
If you do not have a moto-tool already, here is one of the best deals I've come across yet: Handstar Rotary Tool Kit. It comes with the flex shaft, which should be very useful for your purposes. The kit comes with a polishing wheel and polishing compound (unknown grit).
Good luck on your project. Cheers!