Color change wraps can be done, however, it costs about the same as painting the vehicle. It is not cheaper. Vinyl is not paint, and does not perform as paint, especially car paint.
Where wraps really shine is for the kinds of designs that would require airbrushing, or would be impossible to do with paint. Commercial designs for advertisements are the best use case. Specialty vinyls such as carbon fiber or iridescent also exist and are a good use. Finally when only part of the vehicle should be covered wrap vinyl can be a good option. Another good use for a vinyl wrap is when the color change is meant to be temporary, say for a year or less.