I fought that fight with my NG900. At close to 200K miles the steering wheel was starting to very rapidly deteriorate. I applied Leatherworld Technologies leather clear coat to slow that down. It needs to be re-applied frequently since it is not very tough. Then I found this:
LOW ODOR
HIGH GLOSS Finish
Krylon Clear Coating
Permanent, protective.
clear latex enamel.
Easy soap & water clean up.
Convenient to spray indoors.
Net wt. 11 fl. oz.
CANNOT Be Shipped by AIR.

A much tougher and longer lasting solution.
Use color matched vinyl repair compound in the cracking areas then clear coat over it when it has set. And you should be set.

 

I used that stuff over something I painted white. It yellowed like a you know what after a few months from the sun.

 

There are a number of commerical UV resistant flexible polyurethane enamel clear coats. They are expensive. Some are water based, at least one is aliphatic, and at least one requires an activator (it is a two-step paint). These are even more durable, but again, you are talking $40.00 - $80.00 a pint in some cases. When I used the Krylon over black leather, the yellowing was probably not as noticeable as what you had over a white finish, as it did not jump out at me and bother me all that much. I suppose I was just happy that little chunks of damp leather were not sticking to my hands anymore.

 

Yes black wouldn't be that bad I wouldn't think. With the white I was so angry lol. I guess I'm lucky with my new to me saab. The previous owner has a steering wheel cover on it. Once I picked the car up from auction I slowly removed it and anticipated tearing up from torn up leather. Yo my dismay it looks brand new.

 

I've used this on fading or cracked leather that has coated finishes like car seats and steering wheels. It says for vinyl, but works great for this type of repair.

 

Thanks guys I will check it out and see what is available over here

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