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Oh well I tried to do be the messenger of doom in a not so public way for the OP
If you look at the thickness of the metal I think it will be apparent that aluminium wouldn't stay in the same shape for long - stainless steel does. Also the polished parts of the hubcaps (see pictures of the new ones on ebay for example) are hard to get that shiny in aluminium. Curb scratches would be pretty dreadful - if you've got some scratches on your hubcaps pick at then with a screwdriver or a knife edge you'll find the metal to be hard - not soft.
If there's still doubt I'm more than happy to weigh one of my stainless steel hubcaps and post up the weight.
The whole magnetism thing is a bit misleading - this isn't a definite test for nonferrous-ness. It depends on the grade of the stainless steel used.
For the record I've not seen any chromed hubcaps of this W114/5/6 W123/W126 series - I think they're all stainless - never seen any flaking on the parts that are meant to be shiny metal.
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