Has anyone else's steering wheel started to peel. It was been like this since I got it and it is really annoying and looks like ****. Do I just have to replace the steering wheel. I don't seem to have a picture of it now but its not so much peeling as it looks rubbed off. It's a small band going completely around the wheel, always facing the driver.

 

I put a wheel cover on mine. Ten bucks and it looks great.

roadster with a stick

 

There was actually a leather stain/paint that use to be called "Mar-hyde" that held up even on a steering wheel. That was over 30 years ago. I would think that they would have something even better now.
Just do an internet search, or stop by Auto Zone, Pep Boys, etc.
Good Luck

 

My steering wheel had the color rub off only on the side facing the driver. Just a tiny sliver in the center. It turned a dark brown. I got some leather touch up paint. Unfortunately the color didn't match that well but over time it seemed to have blended well. What you are experiencing does happen and this is normal.

I also bought a really nice used steering wheel just in case I need to replace it.

 

Find which one you need and then go shopping for a decent price.

They are a bit expensive, but easily the best made.

And the best fitting!

Wheelskins - The World's Finest Genuine Leather Motoring Accessories, Steering Wheel Covers, Driving Gloves and Shift Boots

 

This is the best steering wheel cover. I put one on but removed it because it didn't feel right in my hand. I guess I just like the feel of the original steering wheel. Also, I think I got the light or dark grey color. It seemed more like green to me after I put it on. That was part of the reason why I removed it. I went back and bought a black one. It is still in the box somewhere in storage. Never felt like putting it on. The steering wheel dye worked well enough for me.

I suggest just getting a little touch up leather steering wheel dye. That is what I ended up doing. Use a little paint brush and wipe it on. I really don't even notice it anymore on the steering wheel. It was a little light colored (not an exact match at first) but it must have blended in.