It is better to buy a new domain and create a big brand with authority. High authority expired domain may have a negative history and lots of broken links that impact SEO negatively. I suggest you buy a new one.
$500 domain name= It will be the price on Godaddy Domain Appraisal Tool. You can buy it at regular price from anyone. But the domain can have a price of $500+ in the future according to Godaddy
You have to consider several things as a part of domain research before buying a domain name-
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