I play a Mike Lull MV4, which essentially a really, really well made active Jazz bass. I think of it as "boutique" gear
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What defines a regular bass and expensive bass?
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More than anything it's the reliable level of quality craftsmanship. Assembly line instruments can be all over the place, quality wise, but when the guy who actually built puts his name on the headstock, you know they have a personal investment in making it well.
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Parts, what is it made of?
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Mike's woods are fairly traditional (basswood, alder, maple & rosewood) Mike uses hipshot hardware mostly. My tuners a light weight and never seem to slip out of tune. In general, boutique instruments won't skimp on the hardware to cut costs.
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Why would/would not buy a high end bass guitars?
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The only reason NOT to is money. Form me the 2 biggest reason are instrument quality (playable, balanced, light weight, sounds great) and Customer service. (That goes for all boutique gear, IHMHO: I am confident thta I can Email Mike Lull, Jeff Genzler, or Jim Bergantino if I have a problem with their products and receive a level of attention that Fender could not be bothered with.)
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What style of music/people would buy a high end bass guitar?
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Versatility is part of a high end instrument, IMHO. It's on the player to fit the style.