Inexpensive ways to gain HP
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The Best of Mercedes & AMG

I was going to pass the nitrous comment but that's not practical.
Better to buy an AMG with uprated brakes, larger rear axle etc. etc. that will maintain balance & reliability.
Sorry, no, there isn't anything around that price range. Now, if you don't care about emissions checks, you could delete the cats and drop in headers, along with the required ECU tune, you can do some good there. That would be about $3K ($2K+/- for the headers, $1K+/- for the ECU tune), so an average of $1500 per part, I guess.
As many will say, 'you have to pay to play', but there are fun mods we can do to the 500 engine without breaking bank.
1. Deleting resonator (and or 2ndary cats) - I was very happy when I did this. You won't notice more HP but it will feel like it as during WOT your car now sounds like a beast. $100-200
2. High Flow Muffler, like Magnaflow (tons of threads). You probably don't want to do 1 and 2 together or your will get a lot of drone (or take some care with exhaust to get to sound right). $100
3. ECU tune. This is the biggest bang for the buck really. Searching will yield a TON of results. For reliable tunes these start around 600 and can go up from there. Expect 30-30 Hp/Torque. $600
4. Pulley - I haven't really researched this much but they do make upgraded pulleys which can pump out another 5 percent hp/torque, $500
5. Headers - add decent power and will improve engine sound. $1000
6. Intake - not many available for our cars, have to fab up from 55k or renntech. Not much hp/torque, will feel more responsive on highway though. ~$500
There are a lot more things to do, if you search around you will see people who have done 20+ things. I am not fully there yet, but for me personally, my final performance mod list will be simply:
Intake, ECU, Exhaust
Air in, air out + tune



