This domain will expire on 19th December 2007. So I decided to renew this domain for longer periods. Instead of renewing it to one year, I have extended it to 2 years (want to extend it to 5 years but don’t have enough money :p ).
Why you should renew your domain? Of course the main reason is you don’t want to lose your domain. If you lose the domain, you need to pay thousands or even millions just to get back the domain. So you choose, which one is better? Pay $35 renewal fee (nowadays the price is cheaper) or $372 million to get back the mp3.com domain.
And if you want to renew your domain, I suggest you to renew it for more than one year. Like what I did, I extended this domain for two years. It is true that you need to pay more but it is worth. Because your website will be ranked greater in search engines because search engine like Google will check when your domain will expire.
But why it is so important to them? This is because search engines think that you are serious for your website because you renew your domain for longer time periods. Usually only spammers will register their domain for a year because they only use it to spam others. So if you are really serious with your website, I think to pay more is just a small matter.
But it is still up to you. If you don’t have much fund, it is ok to renew your domain for one year time. But if you have more funds, why not pay it for longer time — like 5 years?