Commonly known as Alloys, wheels, Mags or rims. The term Mag wheels is a slang term, once used to indicate the lightweight magnesium wheels used in early drag racing. The term just hung around and is used to refer to aluminium or chrome type styled road wheels. Mag wheels don’t necessarily mean you have magnesium wheels, although you could, likely you just have some nice looking wheels.
Alloy wheels are wheels that are made from an alloy of aluminum or magnesium. Alloys are mixtures of a metal and other elements. They generally provide greater strength over pure metals, which are usually much softer and more ductile. Alloys of aluminum or magnesium are typically lighter for the same strength, provide better heat conduction, and often produce improved cosmetic appearance over steel wheels.