I’m removing the old hubcap retaining clips from the four main wheels. Most people probably just grind-off the top of the rivet head, and use a punch to remove what’s left of the rivet. I put some grinder marks on the wheel when taking out the rivets from the spare, so decided on this method for the remaining wheels:
- Remove the old tire valve
- Strike a mark with a center punch on the underside/bottom of each rivet
- Drill a hole from the bottom of the rivet through the top (I first used a 5/32″ or 4 mm, then came back with a 3/16″ or about 5 mm)
- Use a pin punch, just punch out what’s left from the bottom.
Wheel #3 is probably the best condition of the 4. 
Wheel #4 is not bad. 
Grab the valve and rip it out. 
Center punch to get a drill mark. 
Drill a hole through the rivet.