Standard features such as the automatic transmission (PVT), intelligent On-Demand true 4-wheel drive, and reliable single-lever all-wheel disc brakes make the Magnum 500 a versatile, full-featured recreation/utility model. 

The Magnum 500 is powered by a 4-valve, 4-stroke, liquid-cooled Polaris 500 engine. Its power is delivered to the wheels by shaft drive in the Polaris Shaft Ride System, which features an extremely tough, semi-integrated frame. The swing arm tubes are big and beefy, and the rear suspension uses a gas-charged Bilstein® monoshock to provide 6.5 inches of travel. The traction line mount on the Shaft Ride System results in rear suspension geometry that aligns the rear shock axis with the rear axle, increasing traction to the ground during acceleration and braking,

 The automatic transmission is the dual-sensing PVT (Polaris Variable Transmission), which responds to both engine RPM and vehicle torque load for cooler operation and superior backshifting in all riding conditions. The Magnum 500 has E-Z Shift high and low gear range, plus reverse.

 For additional traction upon demand, the Magnum 500 has the intelligent On-Demand 4-wheel drive with on/off thumb switch. The Polaris 4-wheel drive system senses when the rear wheels start to lose traction, then instantly and automatically engages both front wheels with full torque using shaft drive. 

The MacPherson strut front suspension has 6.7 inches of travel, and the turning radius is 65 inches. Braking is provided by the single-lever, all-wheel hydraulic disc brakes and hydraulic rear axle-mounted foot brake. 

An electronic speedometer with a digital hour meter and odometer/tripmeter that provides readouts in both miles and kilometers is standard, as are features such as: full floorboards and front and rear cargo racks made of a durable composite material; a handlebar-mounted quartz halogen headlight, two grille-mounted headlights, and a brake light; tow hitch (towing capacity is 1,225 pounds); and a 3.75-gallon fuel tank.