Is that $400-$500 for just the bow or the bow with accessories? If it is the former then you definitely have a huge selection. Only the " top of the line" bows from some manufacturers will be out of your price range. If it is the latter then there still is quite a few bows to choose from though you might have to be somewhat careful on what accessories you buy as some of them can be quite expensive.

Most manufacturers offer bows in the $200-$300 price range. Plan on spending at least $50 for new arrows which you are probably going to need for a new bow and at least $100 for new accessories. That would put you right in the price range you mentioned.

Hope this helps.