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I need advice on best 5-string for $500

"Better" is in the eye of the beholder, but I'd go with the Ibanez SR405 or SR505 strictly because of the thin/narrow necks, the sound, and the looks.

Like I tell everyone - go to your local GC or music stores, and try .. stuff .. out - see what you like.

My preference and the same advice I would give. Also include Peavey Cirrus BXP and Peavey Millennium AC BXP in your search. Both are good basses to try.
 
I use a Squier Affinity Jazz V when I tour. It cost $227 US brand new & sounds like a mountain. I replaced the bridge with a Hipshot ($85) & put flatwounds on it. You could use the rest of the money for something else. Just make sure you play a few before picking one. Check for dead spots..etc. You will want a good set up as well. Maybe the store is capable & maybe not.

I have one of these and am impressed with the sound, period.
it really cops the Fender sound and vibe for little cash. I upgraded the pickups to Bart 57J1'a but like the stock ones better. The Barts dont sound like single coils to me. Another great cheap bass is the Peavey Grind. I love that bass.
 
Look in the classifieds for Ibanez 645. I traded a brand new one to Bass Rockstar a couple weeks ago for an old classic that I couldn't live without and he needed cash worse than the bass and put it up for sale. It is a NOS bass that I was the very first owner of and I only played it a handful of times. If I hadn't had to have what he had I'd have kept it. Amazing and way less than what you are ready to spend.

H
 
Lakland 55-01 or Yamaha BB615. My buddy has a yamaha BB5000, but he plays his BB615 more. He think it feels pretty close to his BB5000. I myself, with your budget, like the lakland 55-01. The neck is easy to play. I don't think you will go wrong with one of these. The yamaha comes in two models, passive or active.
 
Thanks for the advice so far.
I'd like you to know, especially after those two guys recommended the Squier Jazz Bass with basically "extras", that I currently have a Squier Jazz 5-string. I know it's bottom of the line, so how much better would it get after say $100 in custom upgrades like pick ups?
 
I'll echo that 'best' is a highly suggestive term, but in terms of which basses will give you a solid value, reliability and flexibility for that dollar amount, here's what I recommend:

Buy used.

There's been mention of the Squier Affinity 5 and I'm wondering if they're actually referring to the Squier Deluxe Active Jazz V, which has gotten quite a bit of press around here. I own one, and what it may lack at it's price point it more than makes up for in terms of out of the box usability. It's also an easy bass to mod, as many a classified ad will attest.

Ibanez ATK - Full disclosure, I own both a Squier Deluxe Active Jazz V and an Ibanez ATK 305 and I could easily use one or the other for all of my gigs that require a fretted bass. The Squier (modded w/ Nordy pickups and an Audere preamp) cops the hi-fi jazz sound and has a wide, comfy (19mm) neck. The ATK has a more aggressive sound, a thinner string spacing, and possibly the best low B of any 34" scale 5-string I've ever played. Not sure if that's common to all ATKs, but mine is perfectly balanced with the rest of the strings.

The Peavey TL-5, mentioned in the above post, is also a fantastic bass that I've owned and heartily recommend.

I'm also a big fan of Carvin, and they're comparatively low resale value can make for some great deals.

Even fuller disclosure - both my Squier and Ibanez are currently for sale as I'm focusing on fretless and upright. Whichever one doesn't sell will become my main fretted. Both are a joy to play.

Good luck,
J.