If you don't renew and you want to upgrade in the future, you'll have to repay the full price.  And for subscription licenses, if you don't renew your data becomes read-only.

This.  And the quarterly/bi-yearly release updates have really ramped up in recent years frequently adding new features and fixes.  If you can keep on top of updates, your finance team will appreciate the improvements - look for the What's New and Release Notes PDFs for each version to see what you're missing.  Note in some regions, some features are Subscription-Plan only (check with your local dealer).  Also, if you have any requirements to stay compliant with security standards I highly recommend keeping your renewals up to date too as significant security enhancements are presently being implemented.