-Efficiency vs looks. Tough first world problem for sure.
-Like anything else that induces drag, the plastic hubcaps help at high speeds more than low speeds. They help at 70-100mph more than at speeds like 35-50. The 5-7% efficiency loss without them is going to happen at high speeds. At low speeds the loss is probably more like 1-3%, hardly noticeable. Do you drive really-fast highway speeds often?
-Repeated installation and removal of the hubcaps will leave marks on the rims so if you make the decision of keeping them off, leave them off forever (like I did)
-They dont shield the outermost lip of the rim from scratches.
-if you decide to keep them on, keep them on forever because you won’t like what you see when you remove them later on (black nick marks all over the edges of the rim), not to mention the wheels will be very dirty from all the collected dirt and grime.