matai,
If you have $500 to spend on a scope there is no reason in the world you can't find a great piece of glass for that amount. Do some research and figure out what specs you are looking for, magnification, eye relief, objective diameter etc.
Remember the more magnification the more glass you need up front in the objective to support it. On average a healthy adult human eye can take advantage of an exit pupil of around 5-6mm, some can use more. So try to stick with a scope that will give you that exit pupil or better under the widest magnification range. You may not be able to get that at the scopes highest power, and that is OK as long as you know to not try to run high magnification in low light. During bright daylight the smaller exit pupil is no problem from a light standpoint as there is plenty of light! What you should not do is buy some really over powered scope with a modest objective lens, because it will not be very versatile. If all you will do is shoot paper targets in broad daylight then fine, but if you are going to hunt it's a no go.
To calculate the exit pupil divide the objective lens diameter in mm by the magnification. For example a 3.5-10X40 would have a 4mm exit pupil at 10X and an 11.42mm exit pupil at 3.5X. That is not bad at all, although if you run a 50mm objective you have a 5mm exit pupil at 10X and that is even better! The downside is the scope will be larger and heavier with that larger objective. My own favorite scope right now is a Nightforce 3.5-15X50 and although the optics are very good and can hold 15X in diminishing light much better than they have any right to, it is still noticeably better when I turn it down to 10X or lower in low light. On a moonlit night, with that NF turned down to around 6-8X you could really get in trouble with the game warden...
Anyhow once you have some candidates narrowed down, go hit up a good shop with a wide selection of optics, and figure out exactly what power range you want and how large a scope you will put up with (because reading specs is different than having the scopes in hand). First start by looking through the scopes in your price range to see what kind of image quality they give, how well you like the reticle, etc. Look at the image at the edges of the field of view, if they are not sharp and clear or you see ghosting, warping of the image, or reflections of light or glare; move on because the optics suck.
Next make sure the elevation and windage adjustments are good and solid. You are looking for consistent repeatable clicks, they should not feel like you can accidentally turn past them. The clicks should be easily felt to engage so you have no trouble counting them. At this point a good inspection of the scope body is in order, how well is the finish applied, is there any obviously sloppy fitment issues with say the ocular focus etc. Look at how well the lenses are cemented/or retained, how well they are protected from damage.
Once you have found a scope or scopes that pass your inspection make a final decision based on the best warranty, or the one that has the best glass for your eyes. Then buy a high quality set of mounts, buy the scope, get her mounted, leveled, and bore sighted; then hit the range and get to work getting sighted in and familiar with your new rifle and optics!