The R500 is a track-ready model based on the Caterham 7 sports car. With a weight of only 1116 lb (506 kg) it is the lightest open-top sports car to appear in the Forza series, which allows it to accelerate from 0 to 60 mph (97 km/h) in under three seconds.

The R500 debuted in 2008 and ceased production in 2014 to make room for the more powerful 620 R.

The R500 utilises a front mid-engine, rear-wheel drive layout with a weight distribution of (47/53)%. It is based on a steel spaceframe chassis covered by aluminium body panels with a curb weight reduced to 1116 lb (506 kg) thanks to using carbon fiber and kevlar.

The powertrain of the R500 is a two litre Duratec engine by Ford with 263 hp (196 kW) at 8500 rpm and 177 ft·lb (240 N·m) at 7200 rpm. In order to match the increase of power, the R500 is fitted with a six-speed sequential manual transmission.

Due to a close-ratio transmission, the R500 has notably quick acceleration as seen on a 0 to 60 mph (97 km/h) time in 2.9 seconds and 0 to 100 mph (161 km/h) time in 7 seconds. As a...