Life time warranties do contribute significantly to a buy it for life decision. Lets take automotive tools. I use mainly Gedore tools to maintain my vehicles. A few years ago I found a clapped out, worn, ratchet in a second hand toolbox I bought. Took it to my local dealer to find out about replacing the mechanism and they outright replaced the ratchet with a brand new one. At no cost to me and I was not even the first owner.
My own set Gedore of sockets and spanners are still in perfect condition after 20+ years of use. Yes I paid double store brand prices back in the late 90s for them, but I am sure they will be heirloom tools one day.
It really depends on what you are buying, but lifetime warranties does contribute to the decision.