I think this sort of depends on how dependent you are on the AC.
Where I live in the Midwest, I would wait for it to die. We don't really need AC, my family and I are all well adapted to the heat because we go outside often in the summer time.
We also have a basement, fans, and live in a very well insulated house. So we can afford to have our AC die and simply wait until the off season to have it replaced (which is exactly what we did actually).
If I lived in Phoenix Arizona, or Texas, or if my kids were not adapted to the heat, or we had no basement, fans, mist fans etc, I would be more proactive.
So - I think it just depends on how much you need the AC and if you can go without AC and wait for a good price to have it replaced or not.
ETA: My AC died suddenly because the compressor died. It really depends though on what part failed, which determines if it will die suddenly or slowly. Also a lot of things like fans, capacitors, etc can be fixed to prolong the life of the AC. But it's nearly impossible to get parts unless you're a certified HVAC technician.