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Definition of Mag wheel
1. Noun. (automotive) (originally - late '50s, and into the sixties) A slang term for racing wheels, (for an automobile) which were then made from magnesium alloy ¹
2. Noun. Later, although magnesium wheels were phased out for safety reasons, the term had gained considerable status, and therefore remained in vogue. It continued to be used on the street to denote the newer aluminum alloy wheels, which appeared identical to magnesium when viewed by the average observer. ¹
¹ Source: wiktionary.com