As to why old Kays are so popular, well, that's the result of a number of factors. They are a no-longer-produced bit of Americana. That, in and of itself, accounts for much of the value of old Kays. In addition, they do have a characteristic sound that many find especially suited to certain genres of music.
True, plus in some bluegrass circles there is name snobbery. The mandolin and banjo must be from Gibson, the guitar has to be a Martin, the dobro from National, and only a Kay or old American Standard is acceptable; regardless of how any of them sound. For some reason the fiddle gets a pass on this as long as it's old.
I had a friend who had a 70's Gibson "lump scroll" mandolin (generally considered a low point in Gibson mandos) and he upgraded to a high end Kentucky (Asian made but they are really fine instruments). He claims that his band kicked him out cause he didn't have the correct name on his instrument. I've hung around bluegrassers enough to believe him.
To the OP, IMHO the least costly way into upright bass is to get a modern plywood from one of the manufacturers listed above. If you're hankering for a vintage Kay, buy from a reputable dealer (search the archives for names).
In either case, a dealer will sometimes offer a trade-up option or a rent-to-own plan. Going cheap up front will cost more almost every time, you may wind up with an instrument that's unplayable, or worse, one that will injure you. And before I get a bunch of posts from folks that somehow got their CCBs into a playable state for no money, don't overlook the cost of your time put into fixing the thing, the resale value, if any, and the expected life-time. There are tons of posts in the archives about BSO and CCB horrors.
Cudo's to wdnewman for being honest.wdnewman said:in total, have about $1,000 in the instrument which is probably worth $500 at this point
