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OK, let's talk on this topic! What is really lifetime guaranty? How do you see it, or how do you offer it?
What is exactly lifetime guaranty?
Typically, a lifetime guaranty is for the life of the buyer or as long as the original owner still possesses, but prorated as time goes on. So, using made up numbers as an example, if you buy something today for $100 and it stops working after 10 years, the seller (depending on the terms) would be only responsible for $25. However, the bet is that the product will last long enough that buyer feels that it is not worth their time to pursue or may even forget about the guaranty.
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Wow! I learnt a lot from your explanation on what life time guaranty is really all about, I guess this is a kind of insurance that protects both the seller and the buyer against some risk after business must have been done.
A lifetime guarantee should be just that, a lifetime.
It should be the lifetime of the person who owns it and not the lifetime of the product itself. If the product fails before the person passes away, it's not really a lifetime guarantee now, is it? lol.
Whenever I think of a lifetime guarantee, I think the company that makes the product will back up any defaults in the material, operations, etc. of the product I'm purchasing. I tend to pay a little more for products that offer a lifetime guarantee because if something does end up malfunctioning, breaking the product, I can get a free one sent to me with no hassle as long as I can prove the malfunction wasn't because of what I did and it was just the product breaking on its own.
Some companies will typically do 3, 5, or even 10-year guarantees on their products because they know the lifespan of the material, and if used often, it will break down. Most materials break down over time, it doesn't matter if you're talking about a car or a pair of shoes, the more you use it means the quicker it will need to be replaced. This is why I pay a little more when it comes to a lifetime guarantee because I can be sure I won't have to buy it again in 3, 5 or 10 years.
If the product does end up breaking, and it has a lifetime guarantee, I would think that an equivalent item from the company should be offered to the buyer if the company doesn't make the original product that broke. I don't think a quality company should charge for the newest product, even if it's twice as much as the original one that was purchased because they'll likely lose a long time buyer if they don't stand by their lifetime guarantee. They will actually get more clients after the original client shares their experience with the company giving them a higher value item because the original wasn't being manufactured anymore
Lifetime Guaranty is for the three points you pointed out. And it a depends on the product or services rendered and the clauses should be specific for the client. For example you join a gym and they offer lifetime membership. You pay one time amount and you enjoy the gym for life including all their affiliates worldwide. You should keep that promise and make sure you are pertaining to the lifetime of a person. That the membership will not fade.
On products however, you can provide lifetime warranty with different clauses. For example I purchased a Phillips LED light bulb and I am promised a lifetime guarantee if every it got busted, i can return it to the seller and have another one. the problem here is LEDs illumination dims as you use it and no matter how you want it replaced, you can't replace it unless it's not working. And so on, there are a lot of offers for lifetime that can be worth it for a long period but never really for a lifetime.
Well,for me lifetime guaranty is as long as the products lives and also the buyer lives.When once these two are still kicking then nothing stops continuity.Whenever the product is there to serve and the buyer is there to use then it could be for a lifetime if that was the contract.
For me, I will go with number 2. For as long as the seller lives, there is a life time guarantee. Also, the lifetime guarantee depends with the type of product. Items like clothes have a lifetime guarantee. So, when a product is available and a seller is available to sell it, the lifetime guarantee can be determined by both the seller and the product.
I think the lifetime guarantee can shift to the buyer after he purchases the product with a lifetime guarantee.
Going with the option of as long as the seller lives seems the better choice at the moment. This is as a result of the fact that it is going to give the seller adequate time to find replacement for such products when there is issue on it.
I think lifetime word works for the life of the product. I have seen some of the WordPress plugin and theme developers being part of that type of product work. They seem to be making use of the policy. That the lifetime guarantee works for the life of the product. If product changes or upgrades, then people can migrate or pay from the scratch. That seems to be something that may not apply for many. I think on that count lifetime plans are nothing but scam. But it works out for those who want to use it instead of paying for stuff monthly and yearly.
I was confused about same topic and asked my self same question as you. so between this few comments i am not really sure what is exact definition of lifetime guaranty, but i think that Razzy made good point with his explanation.
Perhaps i also think that is the "catch" by sellers just to make their product more attractive in order to build brand trust and increase sales...
I think lifetime guaranty implies as long as the seller lives or as long as the buyer lives. I have bought Udemy courses. The course state that I have lifetime access. I think this means I can access these courses as long as udemy site is running or as long as I am alive.
Technically they wouldn't know whether or not you are alive so I'm sure it would be until either the Udemy site closes down, the author removes that content from the site or the world ends. So because of that, anyone that can access your account after you die will technically still be able to see those courses
That policy is taken care of. That means even if author takes his content down the people who purchased it continued to have access. Also if author deletes his account or gets banned, the content still remains. That's the thing Udemy is promising. So it's something they have covered in their policy.
The way a lifetime guarantee works is that if the product breaks/malfunctions and it is not your fault (as in the product broke because it wasn't good enough or had a technical problem that had nothing to do with you) then the company that made it/the place that sold it will replace him it for free. You usually only get these types of things with extremely expensive but small things like earphones.
I think yes it is a guarantee that the product or service you have purchased is good for the life of the product as long as there has been no mistreatment or malfeasance on the part of the buyer. You will have service for the life of the product. It is important to note these things when buying or selling services.
From what I have gathered here, the liftime guarantee would have a depreciation component included. Therefore, at the time for the need for the replacement of the item, the amount ofvcompensation would be dependent on the estimated value of item at that time, that is, the original value of the item minus an allowance for wear and tear which it would have experienced along the way
I used to see that term lifetime guarantee or guaranty in expensive appliances like tv and air conditioner although the guarantee applies only to the main part of the appliance. But after 10 years when the appliance suffers a problem, rest assured that the repair center would be charging you for the parts. That’s what happened to a tape recorder that wouldn’t play in AM radio. We had to pay for the repair even if there was a lifetime warranty on the major parts.