Most street gear will last you at least 5-8 seasons with no care whatsoever, and you will get bored of it before it ever deteriorates... My cheapo AGV Suzuki leather jacket hasn't seen any care except for occasional rainfall, regular dose of bug oil juice, a single scrub-down from a slow-speed low-side 6 yrs ago, and it has many years left in it still (and i'm a picky dresser).
If you are looking to protect a custom 1pc race suit, well maybe there is a point of taking some extra care, but consider that no amount of mink oil will protect you from a nice slide on the pavement which in a lifetime of a race suit is almost an expected fate...
Food for thought.