Here's a quick and easy fixup for ugly rusted lugs. I cut the top off a plastic gallon milk jug. The spout fits perfectly into the wheel holes. Using this makeshift mask, I gave each lug a quick shot of rustoluem paint. The whole operation took about 30 seconds per wheel, and it looks pretty decent.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

why not remove them a few at a time, remove all the rust with a wire wheel or wire brush and paint the whole thing? the rust will return, but they do look good for now.

I thought about different ways to make them look nicer, including new lug bolts at $4-8 each.

I didn't take the extra steps with the existing lugs because no matter what I do, the paint will likely get scratched and marred next time the tires get rotated and balanced. So when they look bad again I'll give them another quick spritz and done.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma