OK, so to that end, would a brand new production (not custom shop) Fender be of better quality than a '70's version? If so, why?
In my opinion, more often than not...yes. And just to clarify, leaving the subjective matter of tone out of it, I'm judging "quality" by how precise the parts fit, how well the nut is cut, how well the frets are dressed, how stable the neck is and how easily it can be adjusted, how well the bass is finished, etc.
Playing the numbers game, I think that you have a better shot of finding a current bass that has a properly cut nut, has decent fretwork, has a neck that is straight and can be easily adjusted, has a neck that fits reasonably tight in the neck pocket (without the HUGE gaps that my all-original '77 has), etc. Are they all winners...no, not by a long shot. But, as was mentioned above, modern CNC machines have taken a lot of the guesswork and human error out of the process that was once very prevalent at Fender.
If I had "x" number of dollars to invest in a bass and was dead set on getting something with the Fender logo on the headstock (which I'm
not, and probably never will be), then I would buy new vs. '70s virtually every time (unless you somehow stumble upon one of the good ones, find a great deal, or want to purchase a bass that could potentially be viewed as a collector's item at some point in time). The only reason I ended up with my '77 was because I paid somewhere around $250 for it and the OHSC and was not willing to risk any more money on an old bass that I knew very little about and wasn't even sure was functional. To me, the thing really wasn't worth much more than that, even though they routinely sell for 7-10 times that on the vintage market. All you need is a locked truss rod or a twisted neck for your '70s jazz bass invesement to quickly become a piece of "wall art"!
