What is the best electric guitar you can get for around $500?

Epiphone Phant-O-Matic. Without a doubt best for around $500. Its a Whilshire (great classic guitar) with LP pickups and neck. It has a killswitch and a Tone-O-Matic knob with a bunch of different settings.

Another's the new Gibson 'Melody Maker' (re-issued 'Junior' model). With a hard-shell case, is about $500. Although the tuners, hardware, and matte paint are basic; it's a real "Gibson" (set)neck, and 'PAF' humbucker, and they play "like butta!" In Les Paul, SG, Flying-V, and Explorer styles./ Also good is 'Agile' Guitars. They make many -6 to 10 string- 'boutique-style' electrics for under a grand,(and have won guitar magazine 'Editors Choice' awards). I like the PRS flametop-like '727 EB' $450, and the 'Pendulum' $570 It's a 7-string with Novax/slanted frets fretboard, a Set-neck, string-through body design, and Grover, Cephas, and Tone-Pros parts.

In my opinion the Fender Standard Telecaster and Stratocaster are the best deals in that price range. They go from $449 to $499. All other guitars in this price range are made in China. These are made in Fender's Mexico facility and seem to be of better quality than any Chinese guitar to me.

Maybe Fender Strat or Tele.

Epiphone Casino is good