Reckon Earl pays for wheels (6)
I believe the answer is:
esteem
'reckon' is the definition.
(esteeming is a kind of reckoning)
'earl pays for wheels' is the wordplay.
'earl' becomes 'e'.
'pays for' becomes 'meets' (as in to meet a bill).
'wheels' says the letters should be written backwards (to wheel can mean to turn around).
'meets' backwards is 'steem'.
'e'+'steem'='ESTEEM'
(Other definitions for esteem that I've seen before include "'Regard, respect (6)'" , "Hold in deference and respect" , "High regard as for customer" , "credit" , "Count" .)