Best Electric Guitars Under $500 - Quality Kicks In!

Last Updated: November 19, 2019 A new year and some new updates for this affordable midrange category! We removed a few out-of-date models, including the Kramer Striker Custom 211 and Dean’s Dave Mustaine Zero, replacing them with some new legends. All new additions had a bit of a heavy rock theme going on, with two iconic signature guitars in the ESP LTD KH-202 Kirk Hammett and Ibanez JEMJR Steve Vai Signature, as well as a cool modern take on the Strat with the Squier Contemporary Active Stratocaster.

Thanks to a fiercely competitive market and cheaper production methods, these days having $500 in your pocket gives you a huge range of quality electric guitars to choose from – whatever your style or ambitions. While we’ve seen excellent guitars for under $300, stretching your budget that little bit further gives you a wider, more serious range to choose from, and pretty much guarantees you will end up with a very good electric guitar. Whether you’re looking for a genuine Fender, a signature model, jaw-dropping aesthetics, or just something a little different, you can expect a bit more in this price range. Pickup quality drastically improves, as do body woods, tone controls and general playability. We’ve tried and tested countless guitars and, while some fall short of the mark, there are many that we just couldn’t put down. To help you make the right decision, here are some of our favorites that fall in this price range:

Top 10 Best Electric Guitars Under $500

Where to Buy Your $500 Guitar

Buying a new guitar is rarely done on a whim – especially when you’re dropping around $500. And whether it’s your first or twenty-first, you want it to be reliable, comfortable, and look and sound great. After reading some reviews on this site, narrow down a couple you like, then go and test them out if possible. Head to your local guitar store and see what they have in stock. However, unless it’s a huge store, you may not get to see everything you want. So reading in-depth reviews and watching videos is a good way to learn about and hear your potential new instrument in action. If you hear something you like, make sure to shop around and find the best price, especially if you’ve tried the guitar in a shop, as online stores like Amazon usually give you better prices. Plus they rarely run out of stock.

Should You Go For Used or New?

Both have their advantages. With a brand new guitar you know you’re the first owner, and probably have a warranty as well as a couple of weeks refund period in case you change your mind. Buying a used guitar can work out much cheaper, but it comes with some potential pitfalls. To avoid buying something that will fail as soon as you get it home make sure you try it out before parting with your cash – and use an amp to see what the electrics are like. Treat it like you would buying a used car. If you are going for used, avoid thrift stores or flea markets. Stick to online stores or dedicated-guitar shops that can advise you, and accept returns – especially in this price range.

What You Should be Looking For In a $500 Electric Guitar

There really is no one-size-fits-all answer, as different guitars will appeal to you based on your influences, style and aspirations. I’m not a fan of vintage, so the Danelectro D59 doesn’t really appeal to me (even though it looks pretty cool). On the other hand, Led Zeppelin may well be your idols and that’s the first guitar on your list. Everyone is different. One thing you shouldn’t care too much about in this price range is the brand. Everyone wants to owns a genuine Fender or Gibson, but struggling to afford one when a Squier or Epiphone provide similar looks and sound quality for half the price, really doesn’t make sense. As you’ve seen on the list, less known brands like Schecter and Kramer make awesome instruments that a seasoned pro would enjoy playing. Other things to avoid getting caught up over is the body wood. There can be a little snobbery when it comes to cheaper materials, but these days – when you can buy a premium electric guitar for about $1000 which is made from basswood – it’s a moot point. The woods do play a part in the overall sound of a guitar, but they should never be the defining factor. Pickups are also important to consider. These are the voice of the guitar and your style will determine what kind will work best for you. The majority of pickups in this under $500 price range will be passive humbuckers or single-coils, and they’ll do a good job whether practicing, jamming or gigging. Most of them are considerable upgrade to the their counterparts that you can find in the electric guitars under the $300 range. If you’re after a meaty rock sound, choose something with two humbuckers (look towards Dean), but if it’s vintage twang you prefer, the single-coils on the Squire Classic Vibe 50’s Telecaster make for a better choice.

Are The Reviewed Guitars For Beginners or Professionals?

Short answer: both! Of course, some of the models that we’ve featured are more newbie friendly than others, but in this price range you’ll find a good mix of guitars available that will suit any level of experience and any style of playing from Jazz to Metal. Remember that every model we present in our Top 10 Charts will have their own page with a detailed review that gives you the lowdown on its features, along with its pros and cons. Keep in mind that if you are a beginner, you can start with a more affordable electric guitar – it’s not essential to spend big money from the start, especially as you’ll need to save some cash for an amp and accessories like a cable, picks and strap.

The Final Word

The guitars featured on this list are all excellent and our top choices for the under $500 price range. They offer great value for the money and are sure to keep you playing happily for a long time. But there are hundreds of others that may suit you better. Whether you’re spending $100 or $2000 on a guitar, you’ll want to make an informed decision. Read as many reviews as you can, watch all the videos, and try out as many guitars as possible. Happy shopping!