The best replacement for edge 500 is 310xt.

The best alternatives to edge 500 are rated as following:
★★★★★  310xt
★★★  bryton 35
★★  polar cs500
★★  910xt
★  edge 800
★  bryton 40
  joule

Your alternative for edge 500 is not listed? Suggest!
Speaking about edge 500, one probably shouldn't forget about duotrap.

Other search terms related to edge 500 and their ratings are:
★★★★★ duotrap
★★★ powercal
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Google Trends

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edge 500
310xt
bryton 35