In the fall of 1971, the 500 was replaced by the more advanced 502. At the time, its cab was the quietest on the market, and attention was also paid to the driver's working conditions. The heating system was efficient, but ventilation was inadequate. Other changes in the 502 included a longer intermediate frame, a completely new lifting device, and hydrostatic steering. Like its predecessor, the 502 had 49 horsepower. The transmission was also the familiar 6+2, with the slowest gear being fairly fast. In Sweden, there was also the 503 model, which featured a reduction gear and 30" wheels.

In 1974, the 502 received a dual hydraulic pump. The 1977 update included an increase in lifting capacity and hydraulic pressure. In 1978, a pressure filter was added to the hydraulics.

There was a big jump in the Valmet lineup from the 502 to the 702, and that gap was narrowed at the beginning of 1978 with the introduction of the new 602. The 602 had a 3.3-liter engine with a power output of 58 horsepower. Its tires were also larger than those of the 502, and the powertrain was stronger—the same as in the 78-hp Brazilian model. The 602 always had a dual clutch, and its PTO (power take-off) clutch was manually operated.

In 1979, the color of the Valmets changed to a brighter yellow, and the rear window of the cab became a single piece. In 1980, the lifting capacity was increased to 1900 kilograms. The world's first three-cylinder turbocharged tractor was the 602T (66 hp). The clutch disc in the turbo model was ceramic. Four-wheel-drive models 602-4 and 602T-4 were introduced in the summer of 1981. These were Valmet's first four-wheel-drive models that could be considered agile. The fuel tank had to be reduced even further in the four-wheel-drive models. A year later, the red 504, 604, and 604T models were introduced.

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