Best electric guitars under $500 2024: epic electrics for smaller budgets

Schecter Demon-6 on stone background
(Image credit: Future)

Just because you’re on a budget, it doesn’t mean you can’t get as much guitar as possible for your money. With the right knowledge, it’s not hard to make your spending go as far as possible in 2024, and we’re on hand to help guide you in making the right purchase for your needs. With the best electric guitars under $500, you might be surprised at how much you can get for your hard-earned cash.

We’ve spent a lot of time reviewing guitars for this guide, determining the playability of the neck, the sounds of the pickups, the durability of the hardware, and the quality of the finishing. We have a wide range of guitarists on hand here at Guitar World, from those who like to shred metal guitars to fingerstyle blues players. This means we get a balanced overview of what guitarists want in an instrument at this price point.

You can trust Guitar World Our expert reviewers spend hours testing and comparing guitar products so you can choose the best for you. Find out more about how we test.

Amit Sharma
Amit Sharma

Amit has been writing for titles like Total GuitarMusicRadar and Guitar World for over a decade and counts Richie Kotzen, Guthrie Govan and Jeff Beck among his primary influences as a guitar player. He's worked for magazines like Kerrang!Metal HammerClassic RockProgRecord CollectorPlanet RockRhythm and Bass Player, as well as newspapers like Metro and The Independent, interviewing everyone from Ozzy Osbourne and Lemmy to Slash and Jimmy Page, and once even traded solos with a member of Slayer on a track released internationally. As a session guitarist, he's played alongside members of Judas Priest and Uriah Heep in London ensemble Metalworks, as well as handled lead guitars for legends like Glen Matlock (Sex Pistols, The Faces) and Stu Hamm (Steve Vai, Joe Satriani, G3).

Chris Gill
Chris Gill

Chris is the co-author of Eruption - Conversations with Eddie Van Halen. He is a 40-year music industry veteran who started at Boardwalk Entertainment (Joan Jett, Night Ranger) and Roland US before becoming a guitar journalist in 1991. He has interviewed more than 600 artists, written more than 1,400 product reviews and contributed to Jeff Beck’s Beck 01: Hot Rods and Rock & Roll and Eric Clapton’s Six String Stories.

Guitar World author Matt McCracken
Matt McCracken

Matt is a Junior Deals Writer here at Guitar World. He regularly tests and reviews music gear with a focus on guitars, amps, pedals, modelers, and pretty much anything else guitar-related. Responsible for over 60 buying guides, a large part of his role is helping guitarists find the best deals on gear. Matt worked in music retail for 5 years at Dawsons Music and Northwest Guitars and has written for various music sites including MusicRadar, Guitar Player, Guitar.com, Ultimate Guitar, and Thomann’s t.blog. 

A regularly gigging guitarist with over 20 years of experience playing live and writing and recording in bands, he's performed everything from jazz to djent, gigging all over the UK in more dingy venues than you can shake a drop-tuned guitar at. When he's not holed up in his home studio recording new songs or tweaking pedal settings, you’ll find him making a racket with Northern noise hounds JACKALS.

Amit Sharma

Amit has been writing for titles like Total GuitarMusicRadar and Guitar World for over a decade and counts Richie Kotzen, Guthrie Govan and Jeff Beck among his primary influences as a guitar player. He's worked for magazines like Kerrang!Metal HammerClassic RockProgRecord CollectorPlanet RockRhythm and Bass Player, as well as newspapers like Metro and The Independent, interviewing everyone from Ozzy Osbourne and Lemmy to Slash and Jimmy Page, and once even traded solos with a member of Slayer on a track released internationally. As a session guitarist, he's played alongside members of Judas Priest and Uriah Heep in London ensemble Metalworks, as well as handled lead guitars for legends like Glen Matlock (Sex Pistols, The Faces) and Stu Hamm (Steve Vai, Joe Satriani, G3).

With contributions from