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I absolutely think you can trade up, even in that price range.
GPU, HDD and RAM seem to small/slow to me, even for rather simple tasks, and Acer usually costs a lot because of brand name!
Look around a little, the laptop market has been growing incredibly in later years and prices aren't even half of what they were 2-3 years ago for any model.
Its a nice enough PC, and Acer are known for building quality, but I'd hang back and scour the market, you could end up saving a lot by switching brands and even get a much faster one for the same buck!