Most of the time, made it a habit already
Might as well spend a few inconvenient seconds doing it than a few inconvenient days running about car-less

Not all steering wheels are soft & flexible. The flexible ones are dangerous actually, they deform faster than the steering column upon impact.
Even OEM ones aren't flexible, they have a rigid core wrapped in polyurethane or leather. It takes time to cut through them.

Plus, its a discouraging point to thieves. They'd rather go for one without the lock than one with, just saves them the precious few seconds that could land them in the slammer

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Added on April 9, 2008, 11:09 am
There's something called a pedal-set which is easily available at most half-cut/chop shops. Plus, the culprit can still drive if he cuts the pedal ends properly (albeit being a little troublesome).

This post has been edited by GoldenHawk: Apr 9 2008, 11:09 AM