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Staining a fence is less expensive than painting a fence due to the cost of materials and the longevity of the finish. Stain not only lasts longer than paint without chipping or peeling, but you also won’t have to put in the extra time and cost to prime the surface first. 

The longevity of paint on wood depends on factors like the quality of the paint, surface preparation, exposure to elements, and maintenance. Exterior paint on wood surfaces can last 5 to 15 years or more with proper care and maintenance. Interior paint tends to have a longer life span, often 10 years or more. Regular cleaning, touch-ups, and addressing any issues like peeling or cracking can extend the life of the paint. 

The general consensus is that two coats of stain are required and since the cedar is siding, a third coat of sealant is always a good idea. This helps protect the wood and stain, so you won’t need to resand and restain for at least a decade. Each stain after the first will darken the wood, so be aware of that when choosing a colored stain.

Applying a sealer or topcoat after staining wood is highly recommended, though not always strictly required. A sealer protects the wood from moisture, UV rays, and weather-related issues, which is especially important for outdoor surfaces like decks and fences. It also enhances the stain's durability, prevents fading over time, and gives the wood a cleaner, more professional-looking finish. For some indoor applications, a sealer may not be necessary, depending on the type of stain used and the level of protection needed. It's always best to check the stain manufacturer's recommendations and consider the wood's intended use and exposure when deciding whether to apply a sealer.