If your steering wheel is cracked or faded and you don't have the $$$ right now to have it recovered, you might want to try this. I DID THIS IN A HURRY, SPEND MORE TIME AND IT WILL COME OUT NICER.
1)Sand steering wheel with a low number, I used 150. Get the major bumps out. Then use a higher number, I used 400 to get the smooth feel.
2)Fill remaining cracks with a leather filler. Make sure not to leave any chunks.
3)Wipe down steering wheel.
4)Apply dye in coats every 10 minutes until overall color looks good.
5)Let dry an hour before using then apply a leather conditioner to get the full on smooth effect.
Final Photo is only after a few coats.