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Are Expensive Basses Necessary?

Last weekend I played Musicman Bongo HS Piezo at the gig and yesterday, for Valentine's Day, I played a Yamaha BB405. There is a big difference in price tags of those 2 basses but in the end the only difference was that with MM I was concerned that it could be damaged in the crowd and with Yamaha I did not care. I earned the same amount of money.
 
@BrendonK you do not need to buy a different or more expensive bass. But you do need to learn the tone profiles of the various popular basses available. While it is perfectly acceptable to use your Yamaha on anything and everything, at some point you might hear a bass sound that really connects with you. There are a variety of popular bass sounds available across a wide range of prices. You do not need to spend money to sound good, but you might choose to spend money to achieve a distinctive sound, or as your preferences develop, in order to find a bass that has different qualities of playability or fit and finish. Most bass players end up playing a number of different basses and evolving their tastes over time. You probably will end up doing so as well. But it is not in any way necessary. You already have a fine bass that will undoubtedly get the job done.
 
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Ive owned high end warwicks like this Warwick thumb NT5
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this thumb bo5
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This FNA 5
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And 4 different musicman basses like this silver sparkle and maple SR5, a black SR5 with a rosewood board, A fretless 4, and a made to order Bongo 5.
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Currently I'm playing an ESP ltd f-415fm I purchased new for $850 and viper 404 I pushased used for $380.
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I can't see myself spending big money again unless it was for a one of a kind custom shop bass that could cover all my needs.
 
Your TRBX505 will definitely get you by. I play one, myself, in addition to a couple Jazzes - there are more similarities than meet the eye between the Js and the 505. There's nothing I'm called upon to play that these instruments won't get done. If you're looking for new sounds, experiment with different strings. That Yamaha will put you in striking distance of many classic bass sounds with a little trial and error.

Having said that, I just emailed Fred Bolton at Bee Basses to get some pricing and feedback on one of his fine creations. Do I need one? No. Do I desperately want one? Oh, HELL yes. It won't be cheap, but it will end a decade of unfulfilled lust...and I've never heard a Bee that didn't sound exquisite. Drooling on myself just thinking about it.
 
This thread is just an open invitation for "my cheap bass is better than your expensive bass." All too common a point made on TB. We get it. I don't think I've ever seen it go the other way. Personally, when I was in my second year of playing, I saved up and bought an Ernie Ball that was about 1200 bucks. Not cheap for a kid in high school that worked at a gas station but I really wanted it. I didn't buy another bass for literally 20 years and I played the whole time in a few different bands. So bottom line: buy the bass that does it for you and that hopefully you can afford.
 
It depends on how serious you are about playing bass. IMO, what you *need* is a used Fender P bass (4 string) and an quality active 5 string Jazz or MM. Those two, along with a quality amp, will cover just about any situation you'll see. Make sure your amp is up to snuff. Don't spend $2500 on a bass and then think you'll get by with a small 1x12 combo.