Buyer's guide E-Bikes

5 Best Electric Bike For Under 500 In 2024 – Reviews and Buyer’s Guide

August 9, 2024
5 Best Electric Bike For Under 500 In 2024 - Reviews and Buyer’s Guide

Are you ready to grab the best electric bike for under  500? because we are going to clear the misconception that electric bikes are costly, heavy, and so on!

Since the past decade, the popularity of electric rides is at its peak just because they are effortless, convenient, and portable that you can carry everywhere. With increased competition between manufacturers, the addition of new amazing features in E-bike and their continuous up-gradation made them easily accessible to everyone. it is clear that now you can own your budget-friendly e-bike with all the key features.

Electric bikes provide the best riding experience. With thorough surveillance, I have provided a comprehensive review of the best electric bikes under 500 in 2024 available in the market by considering all the key factors to keep in mind before buying. This review will save your effort and time and be sufficient to help you find suitable choices in case you are planning to buy one.

Best Electric Bike For Under 500 – Comparison Table

Product Image

Product Name

Charging Time


Best for



7 hours

15.5 miles

Urban use

Shaofu Folding Electric Bike– 350W 36V Electric Bicycle

3 hours

12.4 miles

Roads, cruiser

ECOTRIC 26" Electric Bike Bicycle 350W Large-Capacity 36V/12.5Ah Removable Battery 20MPH Electric Mountain Bike

6 hours


City commutate, cruise, mountains

ANCHEER EB 500W Folding Electric Commuter Bike

4 hours

18 miles


Hiboy P10 Folding Electric Bike for Adults

4 hours

20 miles


Best Electric Bike For Under 500 –Product Reviews

It seems difficult to find the best e-bike for under 500 or touch this figure but trust me it’s not impossible here we picked up the super cheap e-bikes which possess all the best features that you are searching for. You can try any of these e-bikes to make to get the best possible outcomes.

1. SWAGTRON-Swagcycle-EB5-Lightweight-Foldable Aluminum Electric Bike with Pedals

SWAGTRON-Swagcycle-EB5-Lightweight-Foldable Aluminum Electric Bike with Pedals

[Check Price on Amazon]

Key Features

  • Motor:350-watt brushless motor.
  • Battery: removable 36-volt lithium-ion battery.
  • maximum speed:18.6 miles per hour.
  • Miles coverage:15.5 miles, once it has been charged fully.
  • Modes: three working modes include a throttle-only bike, a pedal-assist bike, or a pedal-only bike.
  • Brakes: dual disc-braking system.
  • Lightweight aluminum frame
  • 14-inch wheels
  • weighs 37 lbs / 16.8 kg
  • the triple-fold design allows for extreme portability

No, Doubt that SWAGTRON is a very reputable manufacturer that is serving quality e-bikes for all age groups. EB5 Plus Folding Electric Bike is yet another superb product at a cheap price with pre-assembled service and battery options. It is supposed to be the best folding electric bike according to average customer reviews data. This electric bike is in trend nowadays due to the following features.


  • Foldable
  • Pedal-assist mode allows you to enjoy some of the sneaks of exercise and other combinations that won’t let you slow on roads.
  • Extremely lightweight allows you to carry or to put in the trunk of your car
  • The auto-guard technology helps you in applying brakes during sudden hurdles
  • Adjustable seats and height allow you a comfortable ride.
  • It is cheaper but the components used are of high quality like LCD, horns, etc.


  • Longer charging time 
  • Only for city use

2. Shaofu Folding Electric Bike– 350W 36V Electric Bicycle Waterproof E-Bike with 15-Mile Range

Shaofu Folding Electric Bike– 350W 36V Electric Bicycle Waterproof E-Bike with 15 Mile Range

[Check Price on Amazon]

Key Features

  • Motor:350-watt powerful hub motor.
  • Battery: 36-volt lithium-ion battery.
  • maximum speed: 25km (15.5miles) /h (app adjustable ).
  • Miles coverage: 132lbs / 20Km(12.4miles); 165lbs/ 17Km(10.6miles).
  • Modes: electric only
  • Brakes: rear disc-braking system.
  • Lightweight aluminum frame and wheel frame.
  • 12inch wheels
  • weighs 12kg/26.5lbs
  • Bluetooth support systems
  • IPX5 Waterproof range

This is one of the best items to discuss here because of its phenomenal features and innovative design. SHAOFU is inspired by the shape of dolphins, also motivation to young people’s feel free to ride with fashion. the material used in the construction of the frame is pure aluminium to make it foldable easier also the wheels are coated with double-layered aluminium alloy . . It provides with Both good anti-pressure ability and lightweight frame & easily fits in trunks of all sizes.

The folding electric bike weighs a mere 12KG/26.5lbs, making it a breeze to carry up a flight of stairs, you can also leave it anywhere in your office. Additionally, it is an eco-friendly folding e-bike because it is 100% electric with 0% emissions, saving your pocket and nature. The bike is equipped with waterproof components so you can enjoy a ride on the roads during rain.


  • Appealing look and design 
  • Lightweight and folding design that makes it a breeze to carry up a flight of stairs.
  • Waterproof E-bike so cannot miss your trips in rains
  • The Bluetooth supporting system makes it easier to control your bike
  • The 100% electric bicycle features with front headlight & braking taillight and horn for better safety
  • Durable aluminum frame 
  • Adjustable seat and comfortable ergonomic
  • Free from carbon
  • Very Fast charging time,3 hours


  • Not suitable for trails
  • 350W motor but still not so much powerful

3. ECOTRIC 26″ Electric Bike Bicycle 350W, Electric Mountain Bike

ECOTRIC 26" Electric Bike Bicycle 350W, Electric Mountain Bike

[Check Price on Amazon]

Key Features

  • Motor: Strong Rear Hub 350W motor
  • Battery:36V/12.5AH Removable Lithium Battery
  • Rear Derailleur: SHIMANO 7 speed drive system
  • maximum speed:21 Mph.
  • wheel: 26×1.95″.
  • Modes: 4 working modes for better performance. Pedal Assist Mode, Fully Electric Mode, Pedal Mode, Booster Mode.
  • Weight of the bike:23.15 Kg.
  • Brakes: Outage braking system and Mechanical braking system, both work parallel.
  • Lockable battery and suspension.
  • Digital LED Display for safety.

The ECOTRIC is a well-known brand that is providing electric bikes with an extremely large battery capacity, perfect for daily commutes. You just need to turn on the electric power and ride the Vortex through the city streets, you will seem like a whirlwind of pedestrians’ eyes. with this powerful e-bike, traveling will be easier you don’t need to worry about crowded buses, traffic jams, parking spaces, or being short for time because This electric bike is an especially design for your daily travel and relaxation. Rear hub 350W motor, providing strong driving force, provide enough energy for your daily ride to the office, cruise in the mountains, or ride along the countryside. 

Have a look at its features we are sure that you will be overwhelmed to pick up this e-bike also it is an amazon choice item.


  • Powerful motor 
  • Sturdy body frame
  • Adjustable speed modes allow you to make your trips amazing also assist you in body fitness.
  • SHIMANO 7 speed drive system, whether uphill, downhill, or slow, constant speed, acceleration, all above can be satisfied.
  • Great ergonomic structure 
  • Anti-slip wear Resistance tire
  • UL certified
  • 90% pre-installed, you don’t need to waste your time on installation
  • 18 months battery warranty


  • Heavyweight bike
  • Carbon frame may not be ecofriendly
  • Recommended for users under 265 pounds only.

4. ANCHEER EB 500W Folding Electric Commuter Bike

ANCHEER EB 500W Folding Electric Commuter Bike

[Check Price on Amazon]

Key Features

  • Motor:500-watt powerful hub motor.
  • Battery: 48V 7.5AH lithium-ion battery.
  • maximum speed: 20mph
  • Miles coverage: 60KG(132lbs) / 20miles,75KG (165lbs)/ 18miles
  • Modes: 3 cycling modes(electric only, pedal-assist, and boost )
  • Brakes: Front and Rear disc brakes
  • high strength steel frame
  • 14inch wheels
  • weighs 18kg/39.7lbs
  • PX5 Waterproof range

ANCHEER electric bike is one of the leading brands of e-bikes. For years, it has been not only dedicated to innovation, the latest technology, and high-quality materials but also giving affordable Electric bikes, to satisfy riders’ various needs of transportation and even desire of exploring sports & outdoors life. Get a bounce-less ride on bumpy and uneven roads. the e-bike comes with a powerful Hub motor 500W to cover all terrains. The dolphin design is very stylish and foldability makes it easier to carry everywhere you want. 

This foldable electric Bicycle has Bluetooth System. E-Bike self-test means you can quickly detect the fault of the electric bicycle. It also has cruise control, gets a certain speed, and does not need to twist the throttle all the time.


  • Bluetooth control systems to check faults and an inbuilt cruise system to control the speed
  • Powerful motor to win all terrains
  • shorter braking distance and your driving safety are ensured, as both the front & rear mechanical Disc brakes are well equipped on our electric bicycles.
  • Long-life battery
  • Smart folding electric bike
  • Anti-slip Rubber wheels with better shock absorbency
  • Different working modes allow you to enjoy your ride like you want to and also manpower assist mode makes you physically fit.


  • Variable mileage for different factors
  • Low frame size for taller people

5. Hiboy P10 Folding Electric Bike for Adults

Hiboy P10 Folding Electric Bike for Adults

[Check Price on Amazon]

Key Features

  • Motor:350 rear-drive motor
  • Battery: 7.5 AH battery lithium-ion battery.
  • maximum speed: 15.5 MPH, and climbs a 15% grade hill.
  • Miles coverage: 18.6 miles on a single charge
  • Modes: 3 cycling modes(electric only, pedal-assist, and regular bike)
  • Brakes: double disc brakes
  • soft and comfortable ergonomics 
  • 12-inch air-filled tire
  • weighs 35.2 lbs.
  • larger area lights for safety.

Hiboy’s first eBike. If you want an electric commuting bike with performance, durability, and low maintenance, the Hiboy P10 eBike could be the right choice. No gears or clutch to work. Just sit down, twist the throttle and hang on: it will take you from 0 to 15.5 mph in only 4 seconds. The P10 electric bicycles are not of large size(39.3*35.4*19.6 inches), and collapse for easy storage in car trunks and closets, beneath subway seats, and inside other compact spaces.

Hiboy P10 e-bike comes pre-assembled so you won’t have to spend your time with complicated assembly and bike parts.


  • Easily foldable
  • Quick assembly
  • Environment friendly
  • Durable
  • Overall best e-bike at an affordable price.


  • The battery cannot be removed for charging
  • Regular cycling can be tough 

Best Electric Bike For Under 500 – Buyer’s Guide

Choosing an electric bike that fulfills your all expectation is another difficult thing because they are upgrading and increasing day by day in that case if you try to search out gems from spoiled lemons it may take a longer time and, you don’t need to worry about it! 

Here, I am discussing the key features that you just need to check before having your electric bike. I am sure that it would be time-saving and effortless for you.

Electric Bike Type

Different variety of electric bike is available in the market and they are designed according to their use .here is a list of different Electric bike that will help you to opt for the bike as per your requirements.

  1. City bike– These bikes are primarily meant for riding on roads. They have a crouched-down riding position with drop handlebars.
  2. Folding bike – This is a bike that can fold easily in half or three steps to be more portable. So, you can easily carry and punt under the table. They tend to be road bikes with anti-skid tires and wheels and flat handlebars.
  3. Gravel bikes – These are another cross between a mountain bike and a road bike. They have droop handlebars and crouched down seating position of a road bike with wheels and tires that are designed for gravel or dirt road surfaces
  4. Mountain bike – These bikes are meant for riding off-road on trails. They have flat handlebars and a more upright riding position. Most have front suspension or full suspension.
  5. Charged city bikes – These are a cross between mountain bikes and road bikes. They have a more upright riding position and flat handlebars similar to a mountain bike. They are lighter-weight with tires and wheels that are more pavement-oriented.
  6. Commuter bike – These are descendent of a road bike. They tend to have flat handlebars and upright seating positions. They have wheels and tires meant for roads.


Generally, electric bikes are classified into three types:

CLASS 1: pedal-assist only with no throttle and a top powered speed of 20mph

CLASS 2: The bike can be powered by the motor alone with a maximum powered speed of 20mph

CLASS3: pedal-assist only with no throttle and a top powered speed of 28mph


E-bike motors come in two main forms – either fitted into the central structure of the frame (known as the bottom bracket area around which the pedals and crank arms spin), or in the hub of one of the wheels. The rear structure of a bike frame is normally the strongest, while the majority of a rider’s weight pushes down through the rear wheel, adding traction, which can be a benefit in more slippery conditions.


In addition to the motor, all e-bikes have motor controllers and batteries. The controllers modulate the amount of power flowing to the motor, which uses your input to transfer the desired amount of current from the battery into the motor. Despite sharing the same basic tech, the motors you’ll see on today’s e-bikes come in three basic variants. Mid-drive motors are positioned at the center of the bike’s frame, where you’d normally find the bottom bracket. Hub-driven e-bikes have motors within the front or rear hub, and there are two types of hub motors.


The weight of the bike is directly proportional to its speed because it affects the speed the bike can get to because the motor will have to carry your weight and the weight of the bike and the heavier it is then the more work to be done in driving.

Different e-bikes are available in the market that is weight specific but also, they have different setting modes to adjust the speed according to your weight so it’s not to be worried if you are overweight!

LED/LCD Lights:

Intensity and sharpness of Lights are important to determine if you are going to buy any vehicle because of your safety and others, if you are sure that you will not need to ride at night then you can do with a bike without lights. However, if you plan to ride in areas with high traffic or at night then it may be preferable to have a bike with lights.

The lights are also electrically powered and sometimes they come with a different battery than the bike’s battery, but for comfort, it is better if they share the same battery. Nonetheless, even if your bike doesn’t have lights, you can have them added by purchasing one.


Battery quality and life are most important to consider while purchasing electric bikes and it depends on the type of use. For one, if the battery of the bike ever runs down on the road, you want to be able to carry your bike home.

Moreover, the weight of the battery is added to the electric bike so, most electric bikes carry their weights at the center making it easier for them to move at a high speed despite the weight.

Most commonly lithium-ion battery is preferred because they are lightweight and portable and also, they have high energy density and capacity due to the high cell voltage and the resulting range is entirely sufficient. so, they provide enough juice to boost your riding.

Best Electric Bike For Under 500 FAQS:

  1. Why Do e-bikes use lithium batteries?

Most e-bike batteries sold in North America are lithium-ion, which will provide a minimum of 500 full charge cycles at which point the battery will hold about 80% of its original capacity. Some batteries can deliver up to 1200 charge cycles.

  1. Is 350 watts enough for eBike?

If you’re of average weight, about 150 lbs, a 350-watt motor will have enough power for flat roads with a few moderate hills tossed in. You may have to pedal with the motor to get up some hills, but the beauty of an electric bike is that they assist you in such tasks.

  1. Do I need a Licence to ride an electric bike?

Electric bikes (EAPC’s) are an affordable and environmentally friendly alternative means of transport for drivers who are disqualified from driving. Electric bikes that meet certain specific technical requirements do not need to be registered, insured, or taxed and no license is required to ride them

  1. How do you remove the speed limiter on an electric bike?

You can use the full power of your electric bike following three methods to remove the speed limiter. The methods are the hand method, disconnecting the sensor wiring, and the last one is using bike tools. Then you can ride at your desired speed on off-road driving, during mountains, or on personal property.

  1. Can I make my electric bike go faster?

Fortunately for you, it is possible to increase your bike speed. The best way to increase the speed of your electric bike speed is to use a battery with a higher voltage or purchase a motor with a higher KV rating. You could also strip your bike of unnecessary parts to reduce drag.

  1. Why do electric bikes have small wheels?

Smaller wheels are very popular with city eBikes because their main advantages are greater maneuverability and acceleration over larger wheels. … Smaller wheels don’t require as much energy to turn, so they accelerate quicker and don’t require as much effort to pedal at low speeds.


Here we are done with all the best electric bikes option that falls under 500.ECOTEC &ANCHEER e-bikes are perfect for traveling around the mountain, urban and the countryside but if you want to enjoy your grocery or want to have fun traveling in the streets then Swagcycle-EB5 is suitable. we will continue to update you with new e-bikes in the market so you save your time and money 


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