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Depending on what color you are using, I would clean, primer and use a good quality vinyl spray. Seats are tough because of the heavy wear they get.
Leatherique is a latex paint with a flex additive. I have about $125 of their products and was told if the color did not match go to the hardware store and get some base latex to mix in and lighten or darken the color and add water to thin. I have a hard time beleaving that it would hold up any better than the spray.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.