As of my last knowledge update in January 2022, I can provide you with some general recommendations for iPhones under $500. However, keep in mind that the availability and pricing of smartphones can change over time. Here are a few options to consider:

1. iPhone SE (2nd generation): The iPhone SE is a budget-friendly option that offers a compact design similar to the iPhone 8. It features the powerful A13 Bionic chip, which is the same chip used in the iPhone 11 series. This makes it a solid performer for its price.

2. iPhone XR: While it might be a bit older, the iPhone XR is still a capable device with good performance. It has a larger display compared to the iPhone SE and a Face ID facial recognition system.

3. iPhone 11 (if available at a discounted price): Depending on current promotions and availability, you might find the iPhone 11 within your budget. It has a dual-camera system, a powerful A13 Bionic chip, and a more modern design.