How about fiberglass layups? We used to do them in school. It wasn't overly difficult and most of the materials were pretty cheap.
If you were doing a rear wheel cover, put a piece of foam in there, shape it with a knife and sand paper, cover with bondo or plaster and then do a fiberglass layup on top of that. When you're done, remove the foam and you'll have a beautiful, durable, light weight piece to mount in place.
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