I guess this is a cautionary tale.
I was recently having issues with my Gmail account that's tied to my Epik ( a domain registrar ) account, so when I was supposed to renew my domain, I didn't receive any e-mails about it. When I decided to randomly check on my website, it seemed to be down. So I checked Epik and a domain that usually cost £15 a year to renew now cost £400 to renew as it was expired.
As a teenager who does not have £400 to spend on a domain, I decided to just wait until the domain fully expired and buy it for a cheaper price.
After some time, the domain fully expired and GoDaddy decided to buy it as soon as it did, and charged me £2,225 to renew the domain. I don't understand how a price that large is justified, considering that my website gets barely any visitors and I basically only use the domain for hosting stuff. No idea how hiking prices this much is legal
Don't pay this! You just reinforce their predatory practices. How renewals at much higher prices are allowed - no clue!
Something similar happened to a company I know - it expired and was immediately bought by domain squatters, when they found them they were told that it couldn't be sold back because the squatter had paid $XXXX for and had big plans (I assume it was BS, just a premise to get paid - no site was ever put on the domain)
Solution: they bought the .org version and bought the .com back a year later.
edit:grammar