Overtightening also stretches the bolt holes on steel rims as the cone of the bolt goes "deeper" in the hole...
It is very easy to overtighten wheel nuts/bolts and lots of people are, for no reason at all, afraid of bolts coming loose. But how often have you really seen or experienced a passanger car to loosen wheel bolts so that the wheel is in danger to come off? "Never", I assume, is the most common answer.
A wheel under any passanger car is more than secured to stay on with three to five bolts/studs while only one would be enough in sense of strength. And when tightening bolts to 110 Nm or similar figures they are quite tight. These figures are only made to make sure after making sure that the bolts will stay put. More important than exact torque figure is that all bolts are equally tight. And I'm sure some 60 Nm will do as well; if the thread is clean and in condition it will keep tight.
So, in a nutshell, do not overtighten wheel bolts and if you do not have a torque wrench just tighten them by hand: equally tight and when the wheel is "settled" on its place just a quarter of a turn tighter and you have reached close to 100 Nm more or less which is more than enough. Some car manufacturers specify only 80 Nm.