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I notice that some sale ads differentiate between older and newer restorations. Does the age of a restoration make a significant difference in price? Is one preferred over the other?

as always
Garrett Meadows

Only that the older restoration may have been done when parts were still available, original or NOS, where a new one may have some repro parts or mods. ie more period correct, paint, etc.
It also means that it's not in original untouched condition which some desire and value over any restored.
But nothing is exact in this trade. You have to go look and compare to the comparables. And know what the market is to determine value.

And an older restoration might show some wear depending on the usage of the car since it was done. So everything doesn't look factory (or better) fresh anymore.