Contact Adobe. There is usually a "grace" period where they will give you the newer version if you just bought the old one. I think it's about a month.
If it's too late, why must you update? True, there are probably new features that you won't have, but you can update later or even leapfrog to 5 when that comes out. Elements 3 is still a fine program.
Note: I don't use Elements; I use Photoshop. I am currently two versions behind. I would like a couple of the new features and may update this year, but Photoshop 7 is still a great application. At work we would often skip an update and wait for the next one.
I just bought Elements 3 last month and now they just released Elements 4. What does this mean for 3 ? I have heard many people say that you have to stay up to date with photoshop because they always change things. Do i get a free update or something ? I'm new to all this imaging software and digital camera's. Have always used film.

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