I would say your headers but theres lots of things to do to make it weight less.
Sorry, 230 ft-lbs can't be converted into Horsepower. Torque and Horsepower measure two different things...like Gallons (Volume) and Pounds (Weight) are units for two different measurements.
The two quantities are measured or derived separately and then combined to give the statistic. It's the weight of the vehicle divided by the maximum horsepower of the engine.
Make sure the filters are clean, switch to the lightest weight synthetic oil recommended by the manufacturer, upgrade to the free-est flowing exhaust you can afford, headers if you can, look for a larger throttle body, bigger fuel pump, better gas, larger air inlet.
No
No wheel weights control tire balance and have nothing to do with horsepower. The horsepower your engine produces is entirely produced by the engine. You can get better use of that horsepower by limiting the amount of weight of your vehicle but leave the wheel weights on the wheels or you'll be riding a bucking bronco while your trying to drive.
310 lbs.
by reducing weight of parts
360 pounds
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I have a 2005 Sportsman 500; in my manual, I could not find a horsepower rating. However, I did find these numbers: towing capacity is 1224 pounds, the front rack weight capacity is 90 pounds and the rear rack capacity is 180 pounds. I know that these are not the horsepower numbers you were looking for, but I thought I would share them in case you are looking to haul and tow with your quad.
Considering the nature of ATV's and the amount of difference between makes and models, you're looking at between 2.3hp and 4.7hp. There is more torque than horsepower naturally, to drive the weight of the ATV off road. Alot of these engines are used in Go-Karts due to their torquey nature.
Originally horsepower was rated by the amount of energy required for a horse to lift a 1 pound weight 1 foot in the air = 1 horsepower