When you eat a young Colby, it just doesn't have the full flavor that ageing a couple of months can give it.
When I'm trying to make a new type of cheese, I generally cut it into three to four wedges and vaccuum pack them. then I open them up at different phases of ageing so I can see how it develops and when I want to aim for as a good time to age the cheese in the future.
I never had good luck with waxing, as my cheeses always developed molds under the wax, so I've now switched over to vaccuum packing them and am really happy with the results.