Alloy = combination of metals. Doesn't mean anything, it's just a material.
Cast = a method of making a wheel. Cast is a mold where they pour the "alloy" into, so it forms right into the shape of the wheel that is wanted. It's cheapest, but not the strongest. Everything you see on normal vehicles is pretty much cast.
Machined = when you have a cast piece, and you just "machine" or cut off extra material. Cheaper rims have a machined lip, since it is so cheap and fast to do.
Forged = a better method of making a wheel. Instead of just pouring molten metal into a mold, it is heated and bent. It is a more expensive process, but it is much stronger because the grains of the metal form with the curves. Yes it can still break or bend, but it is stronger.
Here is an example of how the grain flows with the object in a forged piece, and you can imagine how it is stronger.
How much money do you have to spend on your wheels/tires? You can find some good stuff used, but it just depends on how lucky you are and what you can find.
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