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Does the Peavey T-40 have neck dive?

I don't think it's as complicated as you think, obviously the wood would be different and hopefully it wouldn't be as heavy, but Peavey already has extensive operations overseas, and with the resources that they have I would bet on them being able to produce a foreign made T-40 reissue sold for $500 or less. They would of course have to commission all of the parts themselves as everything on the market is boutique = expensive.

For example: The Peavey Grind Invalid Link Removed is a good comparison to the cost of a T-40 reissue. Peavey would literally be replacing the neck through design (though a neck through T-40 would be pretty cool) and the fancy finish with upgraded electronics and hardware for the T-40. Which I would bet on the cost about leveling out.
Maybe, but Looking at the Grind, I'm seeing stock everything: Bridge, tuners, knobs, etc (except possibly the pickups which are still a cheap soapbar style). They both have a thin satin poly finish. Grind is a neck-through, but to get the heavy cast 2-tone hardware and custom pickups I still think you're looking at a $700 dollar tag if you want to make it a dead-on reissue and then you're back above the price of the real thing.

The Grind shows the ease with which you could make a T-ish bass at a low price-point. I'd love to see it, but I wonder if it wouldn't be received roughly the same as the Fender Modern Player Telebass. A bit of "Ooh that's cool", followed by lack of interest and a quick discontinuation.
 
Just one more thing to consider. It can't be denied that you often get more for your money now than in the past however, here's some numbers for you.

In 1982 the Peavey T-40 and T-45 (in solid colors, Natural finishes were an upgrade) cost $350! That translates to about $875 in today's money. Knowing how US production has gone up in price, but just for the sake of assumption, would you pay $900 for a new production USA T-40?

Interesting comparison, a Strat would have cost you around $800 bucks then which is almost $2000 today.
 

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