Truth of the matter is you may not be any more accurate with a newer bow then you are with the one you have now. How is the one you have now set up? Are you shooting with fingers or a release? Do you have the right arrows? Some of the best indoor scores ever recorded are with that type of bow.
Now a new bow would be faster, quieter, have less vibration and recoil and have more let off. And would also be a bit easier to tune. But really an out of tune bow can be shot just as accurately if you have good form and release. It's just not as forgiving is all.
I think there is a good chance your bow doesn't fit you well, you may have the wrong arrows with the wrong type of fletchings and could possibly benefit from some shooting lessons. Your shop most likely doesn't want to got thru all that trouble and would rather you just buy a new bow from them. You will have to do the same thing even if you get a new bow.
I'm not telling you not to get a new bow if you want one, but what I am saying is the one you have can be shot just as accurately, especially at 20 and 30 yards.
I am going to ask you some questions about your current set up. If you don't know the answers or understand that is OK, just ask and we will explain it to you. There is no dumb question, if you don't understand just ask.
Do you shoot with a release or with your fingers?
What sort of sights do you have if any, and are you using a peep sight or a kisser button?
What is your draw length and what is the draw length of the bow? This is one of the most critical things in archery, the bow needs to fit you. If it is too long or too short it will be hard to shoot well. You can't just grab someone elses if it doesn't fit you and shoot it well.
What is the draw weight, how many pounds does take to draw the bow back? Don't go by what the limbs say, have it measured on a scale.
What kind of arrows do you shoot, aluminum or carbon and what size are they? Aluminums will have numbers on the side that are something 2116 or something like that. This is also very important and you need to know what the draw length and draw weight is in order to get the correct arrows.
What type of fletchings are on the arrows? Does it have plastic vanes on the back, or feathers?
What sort of rest if any is on the bow?
All these things would effect how well you could shoot the bow or not. A good shop should be able to check all this for you and suggest any changes that need to be made.
If the bow is way off on draw length and draw weight you may be better off with a newer bow. But if the bow can be adjusted to fit you well then there is no reason it can't be accurate. If it were set correctly with proper arrows and some decent instruction there is no reason why you shouldn't be able to hit a 3 or 4 inch circle the majority of the time at 20 yards or so. Probably within a few hours in most cases. Archery is pretty frustrating to learn if you are just winging it, get the help of a good shop and it will pay off. Then if you feel confident purchase a new bow from them when you can afford it.
Remember when you get a new bow you will still most likely have to get sights and arrows and the such for it as well. So it will not just be 300 for the bow. By the time you are done the price will be a bit more for a complete set up. Also remember that people have been killing deer and winning events with stick bows for years. And these bows don't have sights, wheels, rests or anything on them. And they can be shot accurately with the right knowledge and practice.
What I'm trying to say here is that just plunking down 3 or 4 hundred dollars of your hard earned cash will not gaurantee you will shoot better. There is waaay more to archery than equipment, but on the other hand it's not as hard as people think if you get the right person to help you out in the beginning. If you can find a shop that is willing to work with you to make sure the bow fits you, you get the correct arrows and it is set up, plus give you some tips on shooting, then get a new bow if you can afford it. If not, I wouldn't waste the money on a new bow unless you have it to throw away. Alot of people are turned away from this sport from this sort of thing. They spend good money on a decent bow, only to have it set up wrong and have no idea how to go about shooting well right from the get go. They get frustrated because they can't hit what they are aiming at or can't do it consistantly and just quit. Most end up selling thier archery stuff for next to nothing and end up fishing or getting a shotgun
. However with a decent shop and some time being shown some basics right from the beginning the same person could be very confident and end up loving the sport. This is what happened to me, so I know it's true.
Good luck,
Paul