I had a bullet 350 standard for ten years. I sold it and bought a Bajaj Avenger as I was finding it too heavy (getting old maybe

)
It's a very reliable bike
Mileage 30 kmpl constant
beautiful sound
comfortable
Negative points - archaic technology and can make you clothes dirty
Both these have been solved in the newer bullets. My bullet haad CB point ignition whereas the new one has electronic ignition; the timing cover is just a dummy. New bullet is a pleasure to drive but just like you, I could neither afford the rising fuel costs or the cost of a new bike.
I have no much idea about 500 cc bullets