I picked up an AC application in 1996 in Honolulu. Lifetime membership at that time cost $2,600. Unfortunately I waited until a year later to apply, but by then AA had ceased issuance of lifetime AC memberships.

I was lucky enough to get a UA Red Carpet Club lifetime when I was 18 (in 1986) and have made tremendous use of it since that time in RCC's as well as numerous Star Alliance lounges. Based upon my experience with UA, I feel comfortable purchasing a Lifetime AC membership now. It may or may not be the right thing to do from an economic standpoint, but the convenience of not having to renew annually was also a factor to sway me to purchase.