The Fender Standard Stratocaster (made in Mexico) just might be the most popular guitar under $500. And for good reason. Build quality, tone and playability are so good with the Mexican Strat it requires a true connoisseur to tell it apart from its American brother. This model is also a favorite for modding, often by swapping out pickups and pots. Compare new and used Fender Standard Stratocasters here on Reverb.