I'm not a 20something so pardon me for butting in
When I was first elliptical shopping, it was a frustrating experience. You would see ellipticals in stores like Sears and Dicks that were falling apart and cost around $900. I read things like Consumer reports and other things that said you should not pay under $1000 for an elliptical although they did make recommendations for budget ellipticals around $1000. There are a lot of things to consider for ellipticals and they are expensive machines. They have weight limits but also stride lengths. I've read that if you are really short, you may get away with a short stride length (<18") but really you should look for something with at least 18" and possibly more or else you risk knee issues. Ellipticals are generally highly recommended for those with knee issues but if the stride is too short, it can actually cause pain.
Ellipticals generally have a very bad warranty unless you get into the $1500+ range for them and then some still have really bad warranties. The reason being the ellipticals have a lot of moving parts and they tend to fail especially if cheaply made.
So I'd say try the machine out, look at the stride length, look at the warranty and try to figure out your expectations for it. If you plan to try it out to see if you'd like to upgrade later on, I think $500 is a reasonable amount to spend. I would worry about the stride length with your height though so I'd take that into consideration. Also, review the return policy and try to put in as many miles as possible during the return policy window.