There are three types of car rims in the general market: steel, aluminum alloy, and chrome. Any of these can be replaced or repaired fairly quickly, and some repairs are more cosmetic than crucial. The type of work you choose to do or have done will depend on the time and money you have to spend.
The cheapest rims are constructed of steel, and in most cases, they are topped off with a hubcap. Car rim repairs are not usually attempted for this type, since replacement is generally the easiest and least expensive method for dealing with damage.
Damaged aluminum alloy rims can often be made to appear brand new again. Applying heat to the aluminum and magnesium alloy makes it malleable, and the makes it possible to reshape it. Filler materials may also be used to replace materials knocked out by the impact. Once the car rim repairs have been made, the technician or you can focus on cosmetics. The metal can be lightly sanded to diminish rust, polished with a quality metal refinisher, and clear coated or painted to your liking.
The most expensive rims on the market are chrome. Usually constructed of an aluminum alloy, these are topped in a layer of chrome for a remarkably shiny finish. Chrome rims are flashy and good looking, but the cost it takes to replace them or repair them is often prohibitive. Furthermore, these car rim repairs require a plating process that the FDA regulates because toxins are likely to be released during the process. For many, the best bet for repairing the pitting and rust that chrome rims suffer is to replace them completely or find a suitable means to cover the unsightly damage.
If you choose to make car rim repairs on your own or have a professional do them, focus on the functionality of the component at least as much as you do its appearance. Rims that are extremely damaged should be replaced completely.