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After looking through 8 pages of search results I wasn't able to find an answer to this.

After you've successfully installed/updated to the latest version of VS is it necessary to keep the old version installed?

The example being that I just went from VS11.5 to X2 Pro and I took note that both programs are installed separate folders. Not to mention that I have both shortcuts on my desktop now.

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This has been answered many times just in the past couple of weeks, not to mention years... ! There is no problem having more than one version of VS installed. They don't interfere with each other. On my current computer I have VS10+, VS11.5+ and X2 all installed. You cannot open them all at the same time -- but that is the only limitation. My current computer runs Vista so those are the only three that run under Vista. But on my old XP machine, I had VS7, 8, 9 and 10+ all installed together.

If you do decide to remove VS11.5+ just don't say 'yes' if it indicates there is a common file or files that may no longer be in use. Some people have found that sometimes a file being used by the later version of VS is deleted, and the later version no longer works.

X2's readme file makes it as clear as mud .

Installing Corel VideoStudio and Drivers
Note: If you have a previous version of VideoStudio installed in your system, it is recommended that you uninstall it only after installing Corel VideoStudio X2. During installation, the Setup Wizard will auto-detect your capture device plug-in and specially supported codecs (such as MPEG-4, 3GP, DivX) from the previous VideoStudio version and integrate it onto VideoStudio X2.

However, if you installed Corel VideoStudio X2 then you uninstalled the older version, program files and fonts that are used by both versions will also be deleted. To install them back to VideoStudio X2, double-click Add or Remove Programs in the Control Panel, select Corel VideoStudio X2, click Change/Remove, then click Repair.

It is about that clear (muddy).. However I think that Corel is mainly addressing the Codecs being picked up by VSX2 from the previous versions. VS uses a "Common files" folder, which contains files shared by all the versions. So uninstalling one version, may remove some "common" file, which is needed by another.

One such example that I have ran across is the Flash player used. I have 2 PCs, 1-(laptop) running Vista having versions 10, 11 and X2 Pro installed, the second (a desktop) running XP Home, having 8, 9, 10, 11, and X2 Pro installed. I've noticed on my Vista laptop that installing X2 Pro broke the Flash animations in 10 and 11, because X2 Pro uses the most recent version of Flash, whereas 10 and 11 uses the older Flash version 7. This must be a common file shared by them. To rectify this, I had to re-install Flash Player from VS11's install files. Oddly enough this did not affect X2 Pro, as those Flash animations continued to work properly.

I got caught up with editing a banquet video for a client.
Thanks for the input and responses to my question. I guess for the time being I'll leave it on my current system and maybe just remove the shortcut from the desktop.