Photoshop Elements has now been released in v.15 - Don't know whether Adobe will give you any discount, but Elements 15 is a significant advancement from Elements 7 - more features, file formats and recent cameras are recognized. /Ralph
I purchased Photoshop Elements 7 about a year ago, but never got around to installing it. Is it still good to use or am I out of luck....and $$$?!
How much did you spend for it? Any more than $5 or $10 was probably too much. Elements 16 will be out shortly and will be available for between $50 and $100. Version 7 is just so old I wouldn't bother installing it but it will probably install and work with it somewhat antiquated feature set with no problems. It was introduced in October 2008, that's nine years ago!! Adobe releases a new version every fall. If you shoot raw, unless you have a very old camera, it will not open your native raw images.
If you are new to PP, install it. It will install and you can start learning on it. Then decide if you want to go NEW if it's for you. Most of us use Lightroom and Photoshop, both by Adobe.