No , we probably dont have magnetic particles running through our motors, but it is entirely possible we have small pieces of metal filings from wear n tear in there and thats the idea of the magnet , to attract them.I have had many bikes with magnetic sump plugs that catch some nasty lookin metal filings.Incidently, when i had to clean out the rust outta my tank not so long ago, I placed a welding magnet in a surgical rubber glove , stuck it inside the tank and blew in there with compressed air.A lot of the rust sticks to the magnet, so when you need to repeatedly clean the magnet, you just take it outta the glove and the rust falls off.Worked well.