TL;DR Don’t make your own Wheel Collisions, use Vehicle Wheel Class for this.
Don’t bother to make your own collision for the wheel. Create two Blueprints of the Vehicle Wheel Class (provided outta-the-box), one for the front wheel, the other for the rear. Open this up and you’ll find various options to tweak the wheel the way you want it. For your above question, the relevant properties would be Steer Angle, Wheel Radius, Width as well as the Suspension settings. You might also want to disable ‘Dont Create Shape’ Option. Playing around with these (mostly) self-explanatory values will help you get your perfect wheel.
Once that’s done, open your Vehicle’s main Blueprint and navigate to VehicleMovement > Vehicle Setup > Wheel Setups. Here you can start adding wheels/tweak existing wheels to your vehicles. Just select your Wheel Class and the Bone you’d like to attach it to in the Mesh. Import your wheel meshes separately and attach those to the respective bones as well in the Components pane, and make sure the collision on these meshes are DISABLED. Playtesting will let you know the right value for Wheel Radius and Width.
Sorry for that wall o’ text, I just wanted to be as clear as possible. Also, check out the Vehicle Advanced Template for a similar implementation. Do let me know if it works out or if you’re having any trouble