What brand/model is it? Some are $200, some $5,000. $500 sounds like a good deal, but specifics would help settling the question.
I say buy one. I bought a semi-fat 2014 Surly ECR on close out in May and in June racked up 500 miles and 31,000 feet of climbing on old logging roads with it, if that tells you how much I am enjoying it.
Keith