First, It's good to see young folk interested in videomaking!
Second, remember that the camera is just a tool. The model you mention, if it's in good shape, can easily help you learn a lot about making videos. It will be fine for learning shot framing, visual storytelling, and lots and lots more that you'll need to know if you want to keep learning about videomaking.
It sounds like it is a lot of money from your perspective. So be careful and make sure your parents agree that this is a good way to spend your hard earned money!
If so, have a great time using your camcorder to learn a whole new way to communicate with the world.
Good luck!