9 Best Electric Bikes Under $500 in 2024

Do you know an electric bike is a great way to get around? It is fast, exciting to ride, and you can take it on public transport too. As compared to driving a car, an electric bike is much less expensive to commute and run your errands. 

Electricity powers electric bikes. They offer you effortless rides and extensive range. You will find their ride convenient. Electric bikes can be expensive depending on their features and specifications. However, there are many e-bikes that you can buy at a reasonable price. 

I have put together this article about the best electric bike under $500 for you. It will provide you with in-depth reviews and help you understand what features to look out for when you purchase an e-bike for yourself or your family members.

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ANCHEER 500W Folding Electric Bike  

ANCHEER 500W folding electric bike is the number 1 on the list of the best electric bike under $500. This is a high-end e-bike that comes with a powerful motor of 500 watts. 

With this electric bike, you can storm through streets and tight lanes. You can also travel on slopes without sweating. It has an excellent speed of 20 miles/hour, and you can travel up to 20 miles in a single charge.

It is a good option for you if your lifestyle includes traveling to work every day and enjoy after-work parties. The dolphin-shaped design of this e-bike gives it a unique and stylish look. 

ANCHEER 500W folding electric bike has all the high-tech features that the brand is famous for. The superior rubber wheels and top shelf braking system are second to none. 

The e-bike has a smart battery system that calculates and manages everything related to the voltage of your battery. It ensures that you get the most out of your battery without frequently visiting the mechanic. 

Following are the pros and cons of the ANCHEER 500W folding electric bike:

ANCHEER Smart Folding Electric Bike

ANCHEER smart folding electric bike is number 2 on the list of best electric bike under $500. You may find it as your dream bike because of the sheer power it delivers during the ride. 

It comes with a powerful motor of 350 Watts. The top speed of the bike is 25 km/hour, and the torque is 44NM, which is better than all its competitors. 

ANCHEER smart folding electric bike has an amazing cruise control system which maintains the speed while you can focus on the surroundings. The e-bike has dual disc brakes that provide your optimum braking. This feature reduces chances of accidents, especially during rush hours.

The electric bike has a strong dolphin-shaped frame, which gives it a unique outlook too. It is waterproof, so you can also ride it on rainy days.

Following are the pros and cons of ANCHEER smart folding electric bike:

ANCHEER Folding Electric Bicycle 16-inch

ANCHEER folding electric bicycle 16-inch is a unique e-bike that comes with a removable battery. It is number 3 on the list of best electric bike under $500 has a 36 Volts battery that you can remove in a few seconds to charge it. 

ANCHEER made this e-bike with high-end materials. They made the frame of lightweight steel that can carry a person up to 220 pounds. A single charge enables you to travel up to 30 miles because of e-bike and assisted modes.

You can fold the electric bike within seconds and store in public transport or back of your car. This bike has high-performance brakes that give you impressive stopping power. 

The gear shifter provides your superior, shifting throughout the year, which gives you a confident ride. The 250 Watts motor may not be so powerful, but it provides you with a substantial boost and high speed.

Following are the pros and cons of ANCHEER folding electric bicycle 16-inch

Swagtron SwagCycle EB-5

SwagCycle EB-5 is a stylish electric bike that comes number 4 on the list of the best electric bike under $500. It is made by the reputable brand Swagtron which is famous for making electric scooters. SwagCycle EB-5 is a foldable e-bike, so you can easily take it on public transport. 

SwagCycle EB-5 has a range of 15 miles, and it comes with a 250 watts motor and Lithium-ion batteries. Many people buy this bike because of the manufacturer’s credibility and affordable price range. 

The e-bike weighs only 18.6 kg, and you can easily carry it anywhere, including upstairs. Another significant feature of this electric bike is its minimum charging time. 

Following the pros and cons of Swagtron SwagCyle EB-5:

Swagtron Swagcycle Pro Pedal Free

Swagtron Swagcycle Pro is very popular because of its comfortable ride and superior technology. It is number 5 on the list of the best electric bike under $500. It has a pedal free design, and it lets you effortlessly travel through off-road shortcuts, pathways, and busy streets. 

Swagcycle Pro has an elegant look, and it can carry a person weighing up to 260 pounds. It comes with a powerful motor of 350 watts, which lets you travel on inclination up to 12 degrees and rough terrains. 

You can charge your cell phone with the battery powering the electric bike. There is a built-in USB port that lets you do it while you are riding the bike. You can monitor key features like gear change, battery life, and distance tracking. 

You can pair up SwagCycle Pro with an app Swag Cycle II, which will enhance the comfort of your ride.

Following the pros and cons of Swagtron SwagCyle Pro:  

Shaofu Folding Electric Bike

Shaofu electric bike is a folding bike. It is affordable, and it has an impressive motor power of 350 watts. It is number 6 on the list of the best electric bike under $500.

You will love its stylish design, and its aluminum alloy frame makes it durable. It is a perfect electric bike if you want to keep it for a long time. 

Shaofu electric bike weighs only 12kg, and it has a range of 10 miles and a speed of 15.5 miles/hour. Its low range does not make it a good option for you if you need a bike with long range. 

Some additional features of Shaofu electric bike makes it a better choice for you. You can ride it during rainy days because it is waterproof and has a Bluetooth support system. 

Following are the pros and cons of Shaofu folding electric bike:

VIVI Electric Mountain Bike

VIVI electric mountain bike is a unique e-bike that can tackle any situation. It comes number 7 on the list of the best electric bike under $500 because of various features. It has a high-speed brushless motor of 350 watts. 

The maximum speed of VIVI electric mountain bike is 20 miles/hour, which is good. It offers you three pedal-assist settings, or you can ride it by just the throttle power. You do not need to pedal unless you want to. 

This e-bike has dual disc brakes that do a great job whenever you want to stop. It has a lithium-ion battery that can let you travel up to 25 miles in throttle mode. You can travel up to 50 miles if you ride the bike in pedal-assist mode. 

The battery is waterproof and removable. You can charge it 500 times, and it takes up to 6 hours to charge it. The range and power of VIVI electric mountain bike makes it a great e-bike for commuting. 

The mountain bike-style tires, front suspension, and lightweight aluminum frame make it an excellent option for off-road trails. The price of the bike is now a little more than $500, but it is worth it. 

Following are the pros and cons of the VIVI electric mountain bike:

Goplus 20’’ Folding Bike

Goplus 20” Folding Bike is number 8 on the list of the best electric bike under $500. You will find it to be a good option for traveling and short mountain trips. The frame is made of aluminum alloy and the front fork is made of top-class carbon steel.

The company paid special attention to your safety while designing this e-bike. There are minimal chances of accidents during the ride. There are BS reflectors on the wheels and pedals which show your presence when you are riding the electric bike at night. 

The tires of Goplus 20” are made of top-class rubber, which prevent you from falling and slipping on wet and rough roads. The electric bike has a 7-speed Shimano transmission handle. It enables you to switch between different speeds during the ride. 

You can adjust the seats and handles of the e-bike with the help of flip and fold lever. It makes your ride very comfortable. The bike has powerful front and rear V brakes that are very responsive.  

Following are the pros and cons of Goplus 20” folding bike:

Hiboy P10 Folding Electric Bike 

Hiboy is a well-known brand of electric bikes. The P10 folding electric bike is number 9 on the list of the best electric bike under $500. It comes with handy features, and it offers you an all-round performance. 

Hiboy 10 folding electric bike has a powerful motor of 350 watts. You can travel up to 20 miles in a single charge, and it can reach the maximum speed of 15 miles per hour. You can fold the e-bike and store it while traveling or even at your home. 

The bike comes with 12-inch tires that ensure maximum grip and protect you from slipping on tracks. It offers you both regular bike mode and assisted bicycle mode. 

Following are the pros and cons of Hiboy P10 folding electric bike:

Conclusion

It is hard to choose which one is the best electric bike under $500 for you. Each of the electric bike mentioned above has its own advantages that may match your budget and requirements. 

For someone like me, a powerful motor and all three riding modes is an advantage. I would prefer an electric bike with a powerful battery that does not drain out in the middle of a trip. I will also choose an e-bike with a headlight.  Therefore, ANCHEER Folding Electric Bike and Hiboy P10 top my list of the best electric bike under $500 that I would buy in 2023. Even if you choose another e-bike, it will still offer you a comfortable ride and pleasant experience.