In the very rare occasions when I had to pay for Out-of-warranty repairs of my Apple products, they were covered by my credit card. The AppleCare premium I have saved over so many years is already worth several new Apple gadgets.
AppleCare, just like any extended warranty, is an insurance product. Insurance is only recommended for the risks that may cause you a large part of your savings, or multiples of your monthly income, e.g. serious illness, hospitalisation, home accidents, car accidents, etc. For a few hundred US$ OW repairs, it just isn’t worth it.