I really like life-time warranties. Canadian Tire’s Mastercraft brand carries a life-time warranty on almost all of their hand tools. It’s one of the reasons I will actually spend the couple extra bucks on a Mastercraft branded tool instead of one of the no name ones.
I recently had to return my Mastercraft 25′ measuring tape as it had sprung out (or whatever it’s called when the tape will no longer retract). Interestingly enough, this is the second one I’ve had to get replaced for the same reason. I’m not entirely sure why I’m “lucky” like this. I barely use the measuring tape. I had to get the first one replaced within a week of buying it. The second time was just last week.
So, instead of having to go buy another $14.99 measuring tape, I just walk in and show them my broken one. They get me a replacement one and I walk out with a new measuring tape. Fantastic. The best part is you don’t need your receipt to do this either, well, as long as they can identify the tool is really a Mastercraft tool.
Of course, for anything with a long term warranty it’s always a good idea to keep those receipts.