Yes & No! You can buy a terrible guitar at any price - sadly, the bigger the name brand, often the less value you get at this price point - so be warned. Do not take it for granted that because you know the name - you will get the best budget electric guitar for your money.
Best Electro under £500? Dont be fooled by brand names you recognise.
Some of the worst electro acoustic guitars I have seen are made by PRS but unlike their best affordable electric guitars which are produced by Cort (a manufacturer who I DO recommend), their acoustics are not - and it shows! Heavy lacquers, poor action and poor long term stability have resulted in me seeing lots of these in our workshop over the years since their introduction.
The best electro acoustic guitars under £500 aren't always the best forever!
Brands like Tanglewood guitars used to be my top personal recommendation for the best electro acoustic guitars under £500 (I was the largest dealer of Tanglewood guitars for over 10 years because I LOVED them). I say USED...
They WERE made by Cort, and when they changed factory, quality nose dived, and sadly, I was no longer able to recommend them. Without getting too personal about it - When you love your work, and you've put what feels like your life into something - to have it change overnight and become something totally different is literally soul-destroying - so the positive is I can at least pass on my experiences to help you avoid the heartache I went through.
Throughout my 30 years electro acoustic guitar brands have got better, got worse, gone out of business, changed factories - you name it - and all these developments have an impact on what truly is the best electro acoustic guitar for your money under £500 - and I always ensure my recommendations are up to date - as of today!
Remember too - The Setup!
. Many electro acoustic guitars under £500 deliver impressive sound and build quality when properly set up. At Richards Guitars, every instrument includes a free £225 professional setup package which not only includes a highly personalized setup process but also 2 x return to workshop resets in 6 and 12 months time, ensuring top-level performance regardless of the price you pay.