Color and taste both change with aging. In red wines, the red color (anthocyanin) changes from more deeper ruby and violet hues to paler red and orange colors. So, it gets paler. White wines, on the other hand, darken as they age.
On taste, acidity and tannin drops and fruit characteristics change from fresh and tart fruits to more dried or stewed fruits. The interesting thing was that, over time, the fruit flavors (usually) open up and become more bold.
Why don’t we age all wine? Only about 3% of wines produced benefit from aging. To be age-worthy, a wine has to be produced with concentrated flavors, deep colors and a carefully balanced chemical profile, These wines are usually fairly expensive, but oh, man, are they delicious with some years on them. The vast majority of wines produced in the world are meant to be drunk young, where the fruit characteristics are still bright and open.
If you’re interested in aging, you’ll need a cool place (not a refrigerator) with enough humidity to keep the cork from drying out. That’s a bit hard to come by in South Florida, but there are cellars that will keep your wine for you, as well as (fairly expensive) standalone “cellars” for the home.