Get some leather dye and color the faded parts. Then give it some love with some leather moisturizer, rubbing it in thoroughly an let it sit for a bit before giving it a second coat to ensure its aborbed as much as possible. Make sure there's no excess that would make the wheel slippery before you're ready to use it.
The centre cap will come up pretty good with some armor guard.
You can sand an polish the spokes or respray them black.
Alternatively, there's plenty of places that will happily retrim it for you.
Hope that helps
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