To venture back into vinyl or not,...that is the question.

I have not read every post (sorry), so apology if this has been mentioned.

First thought that came to mind in response to your question was “Ok, presumably, you went to CD playback when you abandoned vinyl? So, what was your reaction to the switch? Did you feel or sense that you were missing something when listening to music after the switch? If not, then as has been pointed out, $500 probably isn’t enough to trump CD playback’s good qualities. As I’m sure has been pointed out, CD playback has gotten much better over the las few years. Still, in my experience, there is a fundament difference between CD playback (digital) and vinyl at any price level. Not because of the art work, larger package, etc. etc.; a fundamental difference in the sound and listener involvement. Not necessarily a bad thing, and not necessarily making one “better” than the other; but some listeners seem more sensitive to this difference than others, and that difference may tip the scale to one or the other. Everything that I’m sure has been pointed out about vinyl’s noise, tweakiness/inconvenience is true, but that fundamental difference can be heard with a well planned $500 expenditure. Whether that difference, at that price/performance level, constitutes “the magic” for you, only you can declde. Good luck.

Why ever leave in first place? I’ve been spinning vinyl since 12 or 13 and do to this day.....I’ve never been without a turntable. To me it is the best format, better than cd, better than streaming. The tactile feel of the record, the cleaning, the placement onto the platter, watching it spin, the art work, the labels, the tweaks and upgrades etc etc...it never gets old to me. It’s a form of escape for me. Plus the search for that elusive record and the fact that no 2 pressings sound the same is alluring. Just the fact that those tiny grooves when traced by a quality cartridge/stylus can produce that magical sometimes "tubey magical" sound is simply amazing. This is coming from someone who still has his 1983 Aiwa f770 3 head cassette deck, mint, and uses it to this day! Analog is where it’s at, you can have your digital. CD and streaming is something I use when I’m lazy or want mostly back ground music. Of course, its just my opinion and my ears.
To me, the Thorens TD 203 should be sought out before it’s no longer available. It has been reduced in price by rutherford audio due to the fact they are no longer the sole distributor. They are letting a $1000 turntable out the door for $579. It has a high end uni-pivot arm seldom if ever seen at this price point. All the European hifi mags have raved about it. Some usa based mags have taken notice as well. In fact they have gone as far to say that buying the td 203 over the higher priced td 206 or 209 is advisable as it is just as good for a much lower price. It is the entry level tier to the high-end. Believe it or not, all the reviews and listening tests were done using the lowly Thorens TAS 257 cartridge! This cartridge is equivalent to the Audio Technica AT 3600 that has been around forever and can be found on many many a turntable disguised under whatever brand the turntable happens to be...regal carbon for instance. Somehow someway it just creates magic when combined with the uni-pivot arm of the td 203. It is a conical stylus. In fact, so is the venerable Denon DL 103. I got one on order in black, can’t wait!

It's so easy to advise spending a lot more than $500 because the real action seems to begin around the $800+ mark with decks like the Rega Planar 3 and the Pro-Ject Classic etc.

Stuff like the entry Rega's, Pro-Ject's, Fluance's etc can only suffice for a short while before the urge to upgrade grows irresistible.

However, that Audio-Technica AT-LP120XUSB-BK mentioned by @elliottbnewcombjr earlier seems to offer such fantastic value for money that it might well be the best and least painful way to get back into vinyl. 

Direct drive for $250? Wow!

In fact looking at the Amazon page you can find some active Edifier R1700BT Bluetooth Bookshelf Speakers for $149.

An excellent first system for $400. Surely newcomers to the world of separates can't ever have had it this good.

https://www.amazon.com/gp/aw/d/B07N3S4X3P/ref=cm_cr_lh_mb_bdcrb_top?ie=UTF8

Depends entirely on how many vinyl records you own.

I got back into vinyl about a year ago, and started with a Project Debut 3 turntable for 200.00 new, to see if I really wanted to get back into it. Although it was an entry level turntable, I immediately heard that magic again and was hooked. Of course, I grew up listening to records. It also didn't hurt that I have a decent system with a Cat preamp. After a few months I upgraded to a Mofi Ultradeck plus M, and now I'm a happy camper. If I decided not to get back into it, I could have sold the Project for what I paid and would have lost nothing. So, that's another way to go. Good Luck.