Given the very very modest amount of information you’re giving us: no. Judging by your post several thousand is a substantial sum. If that’s the case reserve your money for developing awesome site content. All else being equal, .com domains still do better in SEO tests. The name spinosaurus.co is less good than spinosaurus.com, for example, but if your site is about nothing but the spinosaurus then spinosaurus.co will do better than spinosaurus-hq.com.

Source: I do a fair amount of domain name business, and my most successful sale was $300,000.