Accordingly recent updates of Google’s Matt Cutts; when you look for a new domain name you need to consider there about it past history. Sometime these expired Domains can be beneficial for you simultaneously can bring nothing for you and hence your attempts loses.
He contrasts between a natural action of being expired a Domain and to be expired a Domain by an Algorithmic action.
He says, if any specific Domain has been expired long ago, you simply need not to anxious if it happens by a manual action, however you need to see the relevant information on Google Webmaster Tools and submit reconsideration application, if it has a manual action then it would not laying any adverse effect it.
On the contrary, when a Domain suffers with certain Algorithmic action may it have been made penalty. Same time Matt Cutts explains it has been rarely seen an old Domain being expired by such action but it’s possibly to be there penalty, in such case you need to be very careful and you checked it out on the Google Webmaster Tools.