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It has a good page rank in Google - Another thing that webmasters work very hard on is gaining page rank with Google, 
number one search engine. A high page rank implies that site appears nearer top in search results pages. When you purchase a domain, you can inherit resulting page rank and traffic. Note that you will need to duplicate page or pages referred to by Google in order for this to work properly.
The Downside Of Using Pre-Owned Names
You inherit spam - If previous owner received spam email, then when you take over domain you may very well inherit it. Why is this? Well, when you own a domain name, you get email sent to every single username on that domain. Of course, most email servers are smart enough to "bounce" email messages for users who do not exist, but that email still gets sent to server. For a domain which received a lot of spam, it could mean a significant amount of bandwidth used just for junk messages to non-existent users.
You can inherit robot activity - I got a domain once which someone had listed with a number of robots (programs which perform automatic functions). These robots were exceptionally active and caused a tremendous amount of traffic - so much so that I had to give up using domain for a couple of months until robots stopped visiting.
You might inherit enemies - Sometimes people give up domain names for a reason. One of those reasons might be an enemy - someone (or a group) that is targeting name for some malicious act. For example, name might be target of email bombs or denial-of-service attacks. In these instances, you could find yourself inheriting these issues.
The domain could be banned - If a site gets involved in spamming search engines (attempting to fool them for higher placement on results pages), it can be banned. By purchasing these old domain names, you might be similarly banned. This normally would not effect your existing domains, but it might reduce value of domain name that you purchased.
Things to do before giving up a domain name
Be sure you really want to expire domain - Once someone else purchases your domain name, you may find it impossible or very expensive to get it returned. You will lose access to use of name entirely. So be sure that you want to give it up before you actually allow it to expire.
Be aware of expiration dates - Keep an eye on your domain name expiration dates as you may not get notified by registrar before expiration. This can happen because email is not a perfect delivery system, because of a glitch in registrar system or even because you didn't check your mail or email for renewal. Don't accidentally lose your domain names.
Change your email addresses - Once you lose access to a domain, you will lose access to any email that is going to that domain. Think of all of private emails that you get, and imagine them going to strangers. Well, once someone else gets domain he may receive those private emails.
Change any links that you can - If you are allowing a domain to expire, be sure you salvage any links that you might want to keep. While you can do this after a domain name expires, it makes more sense to do it beforehand. For example, if you had owned three domains that all went to same web site and you allowed two of them to expire, you might want to spend time to change links to domain name that you keep.
