Debbie, I agree with what Country Quilter has said. The machine you have is probably fine to piece a quilt with...you only need a straight stitch for the most part and a 1/4" seam guide. I would probably not buy a new one until I had made a simple quilt using the machine I had and make sure I really enjoyed making quilts...(and you will!!LOL) then go from there. That's just MHO.
Gay