The thing I would look out for is the "follow up price" i.e. you might be able to get it for the minimum bid of let's say $300 but that's only for the first year. The second year might be some astronomical price. On NameCheap and GoDaddy etc it's usually disclosed like that.
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Is there anything stopping you from transferring it to a different registrar before renewal, who might not charge you as much?
Or is the renewal price for "premium" domains controlled by the registry (e.g. Verisign)?