I have to say my machine was quite a bit more but it is 25 years old.
But you can definitely get a good machine for under $500. At a recent quilt show there was a baby lock for under $500. I was looking at it and as I was doing so several quilters walked up and told me what a wonderful machine it was and how much they loved it.
Also there are many dealers in my area that have really good used machines that were traded in.
Take your time and do a little research on the computer. You will find what you want. The main thing is make sure you can test drive it.