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It was meant to be a cheap smaller alternative. This is the same reason Honda's 450 quads didn't have the fancy stuff factory. Everybody was just going to mod them anyway, so why factory mod it? If all that's stuff came standard, the P500 would an over $10k then everybody would complain it's too expensive. I think they balanced the price for amenities.
Look at all the different ways to configure a rancher. Nobody complains about the price on those, if you want it stripped or loaded up you have options. The same could have been done with the 500, there are a lot of people on this forum that would have paid a premium to get at the very least a front locker, turf mode would be nice too. Add power steering and some better tires for around 3k more and it still would been been in line with pricing for the other 50' machines out there, but with Honda quality.