I am a big booster for budget/el-cheapos.
I have had some really bad cheap basses over the years, especially back in the 80s and 90s before CNCs, QC, decent specs, internet word-of-mouth and other variables caused there to be a flood of good, inexpensive instruments which are fairly consistent in quality. Of course, I've also had some really bad expensive and vintage basses too.
But there have also been some gems. My first real bass was a MIJ Squier made in '82 or '83. It was absolutely killer. I've had many truly fine Squiers.
I also owned a Tokai P-bass that I paid $70 for in the mid-80s. One of the best P basses I've ever played.
More recently, I scored an SX P a few years back that still impresses me with its out of the box quality and playability. Yes it has some cheaper components, but it is fully functional, well set-up and finished and I love both the sound of the stock pickup and the neck.
For a brief time I owned a Jay Turser JTB-401 (copy of a 1954 P-bass with SC pickup.) Very nice bass. Again, some cheap parts, but it was a blast to play and it sounded great.
The SX was $125 shipped and the Turser was $90. Both were worth far more IMO.