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Absolute Most Dirt-Cheap Bass that's Good!

The low end Yamahas are good bang for buck basses. If you insist on new, the RBX 170 is sub $200, though I'd opt for a used BBN4 for even less if I could find one. I paid $150 for a BBN5 last year. I picked up a used SX P-Bass for $75 to be backup to my Fender Standard P. It's pretty nice and would be nicer with the nut lowered a bit. Not quite as smooth as my Fender, but I haven't suffered on the occasions that I've used it and got a lot of positive comments and inquiries when I did.
 
AXL basses. Although I don't know if you put them in dirt cheap cat. The USA series guitars are assembled here with import parts. Unfortunately none of the basses are yet. I have played a couple in the local shop and with a good setup and new strings you can have a decently versatile bass. Nothing spectacular, but decent P and J type basses. They are a step above XS, and the QC I find to be a little better then most.
 
I wanted to buy my brother a cheap but very playable bass for Christmas two years ago. I had a friend who had an SX, so I went with one. It was a good choice. Now if he were to progress, He can always move up. They are a great starter bass, in my opinon. I did the setup on it for him, but it actually came in set up okay.
 
I don't know if you can really get a NEW, "rockin" bass for really cheap money. I do believe you get what you pay for.

I've tried a lot of price-point basses and it seems to me the best ones you can get for (relatively) low prices are the Squier VM's, which all generally run $300-ish new. Seem way more solid than the others in that sub-$300 range.

I picked up a Schecter Raiden for $349 new. Like it a lot. Would recommend it in a heartbeat to anyone looking for a lower priced bass suited for rockin' out. Nice for the money. In general I find the Schecters to be good guitars for reasonable prices.

Used is a whole different story. If you know what you're looking at, you can score some serious deals.

And I agree those Danelectros are hideous. Looks like some kind of torture device.