Tough call.
Do you plan to buy the standalone LR or start paying $10.00 per month till they raise the price? You do get PS for the subscription and that allows you to put Elements away.
Do you shoot and edit raw files or are you using Elements (and LR) to process JPEGs?
They're not an either/or choice. In many cases you need the functionality of both. Assume you shoot raw and use that 18-55mm Nikon zoom. You have a raw original that needs some CA correction and has an obstructing lamp post that you'd like to remove. You need both apps.
Elements can't deal with the CA and LR can't remove the lamp post.
Often LR will be able to do all the editing necessary for an image and you can rely on it to complete the entire job, but you'll still need Elements for the occasional lamp post type edit.
If you're working with raw files Elements is deficient. It lacks critical features that eventually leave you screwed. The version of ACR in Elements is frustratingly crippled.
Joe
I currently 'own' PS Elements 13- not the monthly plan.
Not a huge fan of the software subscription model, but that's the direction adobe is pushing. I shoot raw, so I can have the most data available, and the ability to white balance as needed.
I guess since I have never owned the 'full' PS, I don't know what I don't have. Lots of provocative info in your post. Thanks!
If you work from raw files and do so in order to have the most data available then Elements is not your friend. The crippled version of ACR lacks critical features: CA correction and the HSL panel to note some glaring problems.
Furthermore, although the Elements ACR module will output a 16 bit RGB file, Elements can't edit it. You have to sample down to an 8 bit file for Elements editing tools to function. The gist of that is: to use Elements somewhat defeats the reason you're working from raw files. LR is certainly the obvious and easy solution then. Keep Elements around for the odd cloning job.
Joe
P.S. If you don't like the subscription program from Adobe, LR is still available standalone however Adobe has begun to add features to LR CC that are not being added to the standalone version (writing on that wall). There are also non-Adobe alternatives, both modestly priced and free, but it is a pain to find a non-Adobe solution that you like and that offers everything you need -- possible however.
Edit: I've never tried one of these but there are 3rd party Elements "unlocking" additions. Here's the one I encounter the most:
About Elements+