Yes, it is an older machine that uses older technology. I looked at one with our LQS back in 2014.
Check with the local dealer. There may be a machine on consignment that has new technology. Ladie upgrade machines when new model come out and then consign current machines.
There are machines that will have some of newer features that may be in your price range. Check the sites for each brand for tutorials and video on the features.
What type of projects do you want to do?