Oh man, one of my favorite topics...I thought I was going to have to write a book, but thanks to PJ, I can get by with saying ditto and AMEN to all his comments
, plus add a few addtional ones, speaking as someone who over the years has owned and sold and still owns literally hundreds of basses from across the spectrum of high end boutique to vintage classics to cheap budget basses and everything in between. In the end it comes down to how you define your price-to-value ratio in terms of what matters most to you. If you get exposed to enough basses and you are willing to keep a totally objective and open mind, you will find your way to a simple truth, particularly as it pertains to mass produced instrumrents regardless of price:
Paying a lot of money for a bass is no guarantee it won't suck, and paying a couple hundred is no quarantee that it will suck. The bottom line is this: How does it play, and how does it sound? If it feels good to you, it is; if it sounds good to you, it is. I've owned Squires that were better playing basses than some of the USA Fenders I've owned, even though the quality of the materials on the USA bass was better and the resale value higher. I own Squires (I highly recommend the Modified 70's Vintage Jazz which can be had for under $300), SXs, and even a Brownsville 5 string (that I generally go to over my Carvin and my MTD 5'ers). I'm not saying these are the best basses I own, but their price-to-value ratio is high, and I'm no snob when it comes to brands or points of origin. Ain't nothin' wrong with buying a cheap bass as long as you know what you're doing. In fact, I get a high level of satisfaction out of finding a $200 bass that kicks butt.
If you're on a budget- as PJ said, do your homework, there's lots of info and reviews out there, and if you need help we're here for you too.
One last addtional word of cautionary warning:
SETUP! Probably 75% or more of the basses I come across whether in a store or a private owner are either poorly setup or have never been properly set up at all. If there's one aspect of my acquired skills that has paid more benefits over the years than any other, it's being intimately knowledgeable on having done setups on just about every bass known to man. A really good setup (bridge height /intonation, neck relief, nut height, pickup height and string balance,string type, etc.) can be the difference between a $200 bass being a gem that plays like butter, or a $2000 piece of crap that you struggle to get comfortable with. I've lost count of how many supposedly "bad" basses at every price point I've been able to resurrect due to a previous owner's inexperience or neglect in this area. This is a skill acquired over years of experience and having "seen it all"- learning the idiosyncracies of various types and brands and how to correct the myriad of situations you encounter. Do not trust this to the pimple faced kid at your local guitar center. Seek out someone with experience who really knows what they're doing, and start learning as much about it as you can- you'll be glad you did!
P.S. For a cheap bass with an ultrathin neck and a cool vintage vibe, check out the SX SJMB-62. Priced around $159, you get an EXCELLENT neck with well done fretwork and a vintage Jazz bass feel that is much thinner than the other SX P bass or J bass necks, and a distinctive solid alder Jaguar-esque body. The overall fit and finish on mine is very very good. The stock Jazz electronics are the weak point, but are easily upgraded.