pay over the odds

To spend more money on something than is typical, reasonable, or expected. Primarily heard in UK. A lot of consumers end up paying over the odds to get the newest smartphones. I always wait a few months, because they're inevitably a good bit cheaper then.

COMMON If you pay over the odds for something, you pay more for it than it is really worth. If you are frequently late, you may find yourself paying over the odds for the extra hours your nanny has to work. If you don't want to pay over the odds, invest in a copy of Miller's Antiques Price Guide. Note: This expression refers to someone paying more than the agreed or usual price when they are betting on a horse in a race.