Are there any new algorithms for GPU mining that are profitable? I'm not really willing to invest in any new hardware.
There's quite a few out there: X11, X13, X15, Nist5, Luffa512(aka Doom), CryptoNite, Wild Keccak (BBR), Keccak, Groestl, XPM (Gpu miner) and more.
You probably want to research what is profitable via the forun, because it's always changing and much tougher now to find a profitable coin to gpu mine. Plus there are more scam coins out now a days compared to last year, keep your guard up.