IMO, you can kill just as many deer, elk, etc. with a $500 Cabela's bow as you can with a $1500 Matthews and it will probably last just about as many years. Look how long your Hoyt has lasted.
I believe Diamond Archery has some decent bows for around $500 too, they are made by Bowtech (at least they were last time I looked). The newer bows are smaller, faster and a lot lighter than the bows from the mid 90's, so I'd imagine you will be pleased with whatever you go with.
My advice: Continue to go a lot of archery shops and shoot a lot of bows, see which ones you like the best, narrow it down, buy the one you like best.
