To be extremely expensive.
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When something costs an arm and a leg, the price is so high it feels like a huge sacrifice to pay it.
It's used to express that something is overpriced or far more expensive than expected.
"Break the Bank"
—
Spend so much that it seriously damages your finances
"Dirt Cheap"
—
Cost very little; be extremely inexpensive
"Costs an Arm and a Leg"
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Be extremely expensive or overpriced