There is a world of difference between cheap vinyl and good vinyl. Good vinyl is much more durable. We've had ours for 5 years and no cracks, no lost or blown away panels. It still looks great. Now it did cost $12k, but if it will last even another 5 years, I'd say its worth it. That would be $1,200 per year. I fully expect it to last at least 20 years however.
This. We've had our vinyl fence for about 8 years, and still looks great. If you buy quality product (not Lowes or Home Depot) then it will come warranteed against things like yellowing, peeling, etc for a lifetime. It'll cost more but it'll be the last fence you ever have to buy. We used JWI and I've heard good things about Midland as well but those are in the Tulsa area.