IMO the 505 is much, much, more detector for the money than the Lobo. If you are interested in prospecting, get the Lobo. 505 has adjustable GB, Lobo is ground tracking only, no option of shutting it off. One tone, no visual ID, turn the disc knob to see where the target drops out, (fiddling with knobs in 2014?) or set the disc to miss foil or tabs and you also miss nickels and gold. The 505 hit's DEEP and has visual target ID, multi-tones, & switchable frequencies depending on coil choice. IMO, the Lobo is over priced and under-engineered, especially when compared to other prospecting machines. I love my 505 & after about 9 months use, I don't think you can get a better detector (or even as good as) the X-Terra.