I have heard both yes and no but my opinion, based on our siding would be no. Vinyl siding shrinks and expands a lot with temperature changes. We have vinyl with insulation inside and in the spring and fall when there are temperature swings between early morning and afternoon, you can actually hear in crackling.
This kind on shrinking and expanding can make paint peel and crack quite easily.
It is best not to direct wallpaper or spray paint, because do not know the original process, lane is bad to later will have the phenomenon of peeling or crack.Best way is to put the original wall paint off, and then to scraping putty twice, to be completely dry before you paint or wallpaper.Although very troublesome, will reduce unnecessary trouble in the future.
you have to sand the heck out of it and spray it with epoxy paint it comes in two parts the paint and a hardner but it has elasticity for heat expansion cold contraction its very toxic while air born so breathing aparatis is a must . all other paint applications will fail and srart pealing with in the first several months and should be considered a waste of time, effort and money
Try power wash. Paint will likely not last.
Our siding is faded and needs to look better. We can't afford to replace it. Any suggestions?