You could upgrade to a newer used one. You still get a newer bow but with less sticker shock. Elite's have a lifetime transferable warranty. That's probably the route I will go for my next one.
Buffalo Bill had a good idea to think about. I'm thinking about going that route next year. Whatever your decision, good things come to those that wait. Hang in there.
Build up that savings account. Bows aren't going anywhere. It is not something you need, but something you want. When the time and price is right, you will get a new bow.