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If you're getting a really cheap one, it may not be worth bothering with this. But if you've got an expensive one you're going to want to keep for awhile, you should buy a bottle or two. Treadmill lubricant is just a way to reduce the friction caused by the belt, which can rub against the base (or "deck") of the treadmill. Over time this will cause damage and can force you to take it in for repairs - often a very costly proposition. Basically what will happen is that the belt itself will wear down. After awhile, this starts to cause damage to the motor (because you're basically running it with an improper part). The $10 bottle could save you a couple of hundred dollars in repairs. You usually only have to use them once every year or so.
One warning: don't ever use a generic lubricant like WD-40. They are usually petroleum based and will sometimes ruin your treadmill entirely.
LifeSpan Fitness Treadmill Belt Lubricant
This one is a silicon-based spray. It doesn't have much of an odor, either, which is a big plus.
Lube n' Walk Treadmill Maintenance Kit
This one has an applicator wand you use to stick it on. It comes with silicon wax or paraffin wax. Some treadmills will be best with one kind or the other, so it's best to look at your manual first before buying.
This one is a basic lubricant that will last you about a year.