Also keep in mind , some bows have cams that are draw length specific , others have cams that are adjustable for draw length ( ex: Hoyt Cam & 1/2 are adjustable for length , Hoyt C2 cams are not ).
If you just want to shoot target and want to simplify it , look into a recurve ( or take down recurve ).
Just as much fun , but less stuff ( thought not always cheaper ).
The GM II was almost $550.
as T.R. mentioned , there are plenty of older bows out there , that are still in service. Some people get caught up in the gear race , you don't need to do that to enjoy it and to hunt with.
I didn't have much of a clue what I wanted when my oldest son got me hooked , but by going to a pro shop , and being able to dry different styles , brands , etc. I was able to find what felt right to me. Once I found what I liked , I bought new ( mainly due to the Hoyt Warranty , as I had a feeling I was going to shoot a bit ).
The newer bows will have newer toys , be a bit faster and more consistent , but if you are not shooting competition , how much will that extra expense matter ? Find what you like , practice with it. Later once you have reached the limits of your gear , then upgrade.
You can get into a PSE Deer Hunter for about $229 ready to go from Bass Pro , not the ideal target bow , but then again neither is my Hoyt Avenger , but the X-ring can't tell the difference