Hmmm, there appears to be a lot of wiggle room with the warranty.
https://www.trekbikes.com/us/en_US/warranty_policy/
This Warranty Does Not Cover- Normal wear and tear
- Improper assembly
- Corrosion
- Improper maintenance
- Installation of components, parts, or accessories not originally intended for or compatible with the bicycle as sold
- Damage or failure due to accident, misuse, abuse, or neglect
- Labor charges for part replacement or changeover
- Non-proprietary products (any other original part or component) covered by the original manufacturer’s warranty
Specifically for wheels, there is their
Carbon Care Wheels
We want you to be as confident in your purchase as we are in our product. That’s why we back every carbon wheel purchase with the Carbon Care Wheel Loyalty Program. The parameters of the program are simple: in the unlikely event that you damage your Bontrager carbon wheels within the first two years of ownership, we’ll repair or replace them for free*. We’ll also continue to offer coverage after two years from the original date of purchase, with steeply discounted rebuild or replacement available to all original owners of Bontrager carbon wheels, regardless of the date of purchase. This program applies to Bontrager carbon wheels that come stock on bikes as well as aftermarket wheel purchases, and comes at no additional cost to the original owner*.
Program details
The Carbon Care Wheel Loyalty Program gives you the peace of mind that comes with knowing Trek and Bontrager have your back. We appreciate that carbon wheels are a serious investment, and this program was designed to help you feel fully confident in your purchase.
For the first two years
If you damage a Bontrager carbon wheel while riding within the first two years of ownership, we will replace or repair it for free*. It’s that simple. This coverage applies to Bontrager carbon wheels that come stock on bikes as well as aftermarket wheel purchases.
After two years
We provide continued coverage beyond the first two years from the original date of purchase, with steeply discounted rebuild or replacement of a damaged Bontrager carbon wheel. Costs are wheel-dependent and shown in the table below.
Carbon Care offers two options, and the approach is determined by the wheel and the severity of the damage.
• The repair of a damaged wheel (including spokes, decals, nipples, and washers where needed) and factory rebuild on the original hubs
• A complete wheel replacement
* Repair and replacement through the Carbon Care Wheel Program must be administered by an authorized Trek retailer. Prices are subject to change without notice. Repair price and free replacement does not include shipping to and from the Bontrager Wheel Service Center. Contact your Trek retailer for details including a list of wheels covered by the program, current availability, pricing, and shipping quotes.
Carbon Care wheel rebuild / replacement policy and pricing
Repair prices include rim, spokes, decals, nipples (and washers where applicable)
Repair
Rebuild with new rim, spokes, and nipples Front Rear
Aeolus XXX $500.00 $500.00
Aeolus D3 $500.00 $500.00
Line XXX $500.00 $500.00
Kovee XXX $500.00 $500.00
Aeolus Pro $275.00 $275.00
Replace
New wheel replacement Front Rear
Line Pro 40 $275.00 $325.00
Line Pro 30 $275.00 $325.00
Kovee Pro $265.00 $335.00
Kovee Elite 23 $170.00 $205.00
So their wheel warranty seems to give one 2 years of free replacement, and a lifetime of repairs. Depending on the wheel, I think the warranty repair/replacement is between 1/3 and 1/2 the cost of a new wheel. Quite significant, but certainly not free repairs.
Looking at the fine print: "Prices are subject to change without notice." So, 20 years in the future, expect those prices to be much higher.