Mix condensed milk, salad dressing or mayo, vinegar, and granulated sugar in a large bowl (big enough to fit the macaroni too), and mix well to combined.
Add the carrots, onion, and pepper and give it a stir.
Lastly, add the warm drained pasta and combine well, making sure all the pasta has been covered with some of the dressing.
Cover well and refrigerate for at least 6 hours to up to two days before eating.
Give it a good stir before serving.