Difference between two guitars?

I'm 18 now, and have been playing on the same guitar since I got my first one when I was 6 - A 1960s Fender Stratocaster Squier Series that my parents bought me. They sell for 99 dollars right now. I just bought a brand new Schecter Hellraiser Deluxe for 500 dollars and want to know how well the sound improvement will be. I have a Peavey 212 Transtube Amp that I used on the Strat and will use on the Hellraiser. So, will there be a big difference in sound quality or anything else that will be a big improvement? Thanks.