I'd take the 420
I just picked up a 2010 420 Rancher this year and my buddy has had his "500" Foreman or a few years now (2005 model I think). On the trails and on the road I was keeping right up with him, which surprised me because I thought he had 80cc on me. We then traded bikes for a bit and I was amazed at A) how much worse the handling was on his, and B) though it felt like 1st was a lower gearing it really didn't have any more power than mine (both using stock tires, no mods of any sort). I then discovered that the 500's are really only a 475cc engine. That all said I would pick the 420 over the 500 any day. You are losing 55cc, but also losing about 50lbs, and gaining the EFI really makes for sweet throttle response. They are both rated to tow 850lbs, and I will tell you that Ive had my 420 haul some BIG-arsed trailer loads of logs through the woods. All in all both great bikes, but the handling and response of the 420 makes it feel much more nimble. Hope that helped!
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