Looks like just a common P bass copy, looks pretty standard. From the pic it looks like it may be decent. Does it stay in tune when you play? Are the tuners firm? Does the sound cut out at all when you play or turn the knobs? It might be made with odd substandard parts, but it also might be made with low cost standard parts and is just fine to practice on. You could always go to a music store and check other similar basses for comparison, see how they feel compared to yours. A simple passive P type bass like yours will probably sound close to yours, even if it's more expensive. But IME even a more expensive bass is going to need a setup. Do you want to spend $70 plus a setup, or hundreds plus a setup? If you're not familiar or comfortable, I'd take the one you have to a luthier and at least take a quick look at it, see if it's worth giving a setup. My first bass the frets were practically falling out, but cheap basses are generally better than they used to be. Yours might just need a simple adjustment and maybe a leveling, and come out feeling like a more expensive bass. If the one you have is worthy with a setup, I'd keep practicing on it for awhile, until you know it well and have a better feel for it. Put the extra money towards a good cable and a decent practice amp if you don't have one already. My opinion anyway.