As Jim said, it depends on how much use your going to get out of it. Generally, if your only going to have one router, then I would look at the (rated) 2 to 2 1/4 horsepower routers (Bosch 1617 series, Dewalt 618 series, etc), with multiple bases.
Now being that you have a smaller/older router, I gave my neighbor a 3 1/4 hp, Freud a couple of years back, for house sitting (relative in the hospital for a while). He uses it in the table and sometimes freehand, but uses his old Craftsman for general freehand use. My father would have done the same (gave him the same router), but I also found a deal on a Craftsman rebranded Bosch 1617 when they closed them out. Now he has the large one in the table, uses the Bosch freehand, and has his old Craftsman setup for some specific jigs.
But while budget,bargains can dictate how you work, how you work can also make you watch for bargains in certain area's.