Applying an operator product expansion approach an updated Standard Model prediction of the $B_c$ lifetime is presented. The non-perturbative velocity expansion is carried out up to third order in the relative velocity of the heavy quarks. The scheme dependence is studied using three different mass schemes for the $\bar b$ and $c$ quarks, resulting in three different values consistent with each other and with experiment. Uncertainties resulting from scale dependence, neglecting the strange quark mass, non-perturbative matrix elements and parametric uncertainties are discussed in detail. The resulting uncertainties are still rather large compared to the experimental ones, and therefore do not allow for clear-cut conclusions concerning New Physics effects in the Bc decay.