Mark the 527 appears to be a newer generation than the old 500's, I doubt it's on par. From what I'm seeing, I wouldn't recommend it.
For what it's worth, the 500A was the top of the line of home sewing machines when it was sold, the currency conversion from that era would place a 500A new today in the few thousand dollar range, I recall reading. By Singer's own account, it's the best (home) machine they ever made. It's all metal construction, has tons of features that many new machines don't have, and is basically indestructible. Very easy to maintain, with great timing in general. That's why it's so recommended. You could buy one, oil it regularly, and expect it to be passed on to your grandchildren. When it was produced, it was meant to be the absolute best machine money could buy. Like top of the line cars of the era (or any machinery), they simply don't make them like that anymore.
That being said, there are tons of great European machines out there, although I'm not as well versed in the options. The old Necchi's are well known for being top quality machines, Bernina, Janome, and Pfaff as well are all top brands. Which models are the best? A little internet research should turn up the answers. Singers are simply so ubiquitous in the U.S., and were the kings of quality back when the best machines were produced up until the mid-20th century, that it's difficult for us not to look for them first.
All that being said, I sold my 500A to another forumite, and a number of my other home machines, as I've transitioned to industrials. As great as any home machine is for versatility, nothing compares to the specialized perfection of a top quality industrial for specific work.