If I were to build a Warmoth P-Bass with a Swamp Ash body, maple neck and rosewood fretboard, it should sound just like a Fender P shouldn't it? Is the Warmoth stuff as high quality as a MIA Fender or better? Building seems to be the cheaper way to go and it will be cool having a bass I made myself.
Based on what I've seen, Warmoth components are far and away higher quality than what Fender slaps together. If you do it yourself and take some time and effort to ensure fit and finish, you can have yourself one heckuva P-bass. I'm considering doing this myself. Be aware that you really don't save money doing this...the Warmoth stuff doesn't come cheap, but at least you get what you pay for (unlike Fender in most cases). Another drawback is resale value... most people are still hung up on having that name on the headstock, and won't pay the same money for a high-quality "no-name" parts bass.
I have 2 Warmoth Jazz basses & they destroy similiar Fenders. <img src="http://albums.photopoint.com/j/View?u=1174383&a=8647027&p=45907306&Sequence=1&res=high"><img src="http://albums.photopoint.com/j/View?u=1174383&a=8647027&p=50430783&Sequence=1&res=high"> The thing I really love about Warmoth parts is that you can put any hardware/pick-up's/electronics & not pay "Fender Custom Shop" prices. If I were to buy the sunburst through Fender, it would cost @ least $2500. I paid less than 1/2 of that. Ther black one is very comperable to a USA '75 re-issue. It totally BLEW it AWAY & it cost me just uner $600. <a href="http://www.theoremnyc.cjb.net"><img width=385 height=70 src="http://albums.photopoint.com/j/View?u=1174383&a=8647027&p=41535909&Sequence=0&res=high" border=0></a>
I put together my P bass for $484. It looks, feels and sounds as good as anything I or my teacher have ever played. Warmoth stuff is top quality and the people working there are knowledgable and helpful. They have everything you need except I believe the finishing materials. For that go to Guitar Reranch. Build it yourself and play it with pride. Screw the resale value.