My ps3 recently died (red flashing light) and i called sony and they will fix it for £134 with a 3 month guarantee, which is quite alot when there is a good chance it could break after 3 months, costing me another £134. Though i could buy a new slim for £200 which would have a year guarantee, so there is more chance of it lasting longer but its alot of money.

So i dont know what to do. What do you guys think?

My 60gb launch ps3 died last friday for the first time, I opened it and saw a little capacitor from the rsx with a melted solder and just took the motherboard to an electronic workshop where they applied new solder on it; they didn't even charge me so I just left a small tip. It didn't work when I first tested it, so I heated both the cell and the rsx with a regular hairdryer for a few five minutes each, and now it's working normally again.

If you're worried about taking it apart, buy a slim and sell the broken console. Believe me, a lot of people who know what they're doing will buy one and it'll make up some money from the slim.

Yea I'd scrap your current and sell it, like others have said, a lot of people can use your old one and fix it or use it for parts. You can even find a 250GB slim on Amazon like new for very cheap price. 

Buy a new one, mine broke just within the 3 year extended warrenty then again 6 months after repair. It's not worth the repair costs. The problem is the type of solder used which slowly burns away and leaves cracks. Reflowing it (heating it so it melts and resettles) will extend the life time but it's not a real solution. It will start re-breaking sooner and sooner after each additional 'repair'

Mine broke a couple weeks ago and I did the gilksy fix. Now it works. I'm so cooool!

Cost me 30$ for a heat gun, some arctic silver, and a torx screwdriver.

PS: If you decide to do the gilksy, give it 2-3 extra seconds on the heating portion. So, instead of 15 seconds, do 17-18

Haven't really heard any numbers regarding the rate of failure on factory refurbished PS3s, but for an extra £66, unless you're really attached to your current console, I'd say just buy a new one and sell the old one for parts on Ebay.

That said, I am currently using a factory refurb CECHA 60GB unit that's been running without issue since Jan 2009. I do need to specify that it wasn't used as my main PS3 until earlier this year though.

The self repair is really only a temporary fix, best used to resurrect it long enough to get your data off your console and deactivate it if you have a lot of PSN purchases.

i think best option is to buy new one and sell the old one ( i did the same) i am happy with my new slim don't forget when you buy new ps3 you get an extera controller as well if you don't want it you can sell that one as well

chance of failure for new slim is very low

I for one had my PS3 break on me last year and I got it fixed for about $150.  It has been a year and it's still working pretty well without any fuss.  The only reason I fixed mine was beacuse it is backwards compatitle.  Though I do not play that many ps2 games, it does come in handy in the future if I do want to play a ps2 game.  Anyways, if you are worried that it might break again then just get a ps3 slim.  Otherwise, fork out the £134 to get it fixed and risk it dying again.

Buy a PS3 slim . Try to fix the one you currently have and then you will have two PS3s!