It’s always been my understanding that there was a steep decline in quality during the CBS years, but I’m open to arguments.
First, my perspective comes from playing Fenders' since the early 1980s.
Second, there's not been a steep decline in quality; more like a rollercoaster.
To your original question; be honest with yourself--
forget the internet even exists-- and answer this question: "why do I want a "vintage" instrument?"
Which would you choose:
- 50-year old hammer for $5,000 (let's call it "Vintage")
- Modern hammer for $500
Vintage stuff can be great when you know exactly what and from which era you want.
Today however, consistently using most of the 60's/70's instruments on stage involves more stress than I'm willing to endure. Parts fail at the worst possible moments, glues separate, repairs are more expensive (comparatively). Though it is nice owning a piece of history, it's not the most practical in use.
Do you want something to play regularly that will be dependable and sound good, or are you looking to satisfy a sense of nostalgia? Both are completely reasonable desires; which are you after?
Fender's Custom Shop, just like any builder, makes great instruments-- and have created it's share of duds
(i.e. rollercoaster). Compare a non-relic Custom Shop P-bass, to the current Fender Professional II P-bass; aside from the difference in price, you will be hard pressed to find any substantive difference. Owning one myself burst my fantasy image of the Custom Shop. If you're looking for something that looks old, then the Custom Shop may be your best bet.
All boils down to what you want the instrument to do:
- Play well & be a dependable performance instrument?
- Be a connection to a by-gone era?
- Impress people
* Be an investment for children
Once you answer these questions, you'll not need to ask others how you should spend your money.
In the end, it's your money to do with as you please. While you would be wise to spend more time determining exactly what you want the object of your desire to accomplish, the better off you'll be.
Best of luck!
* The worst possible choice is count on musical instruments as investments. Such things are only worth what someone else is willing to pay-- and that fluctuates-- a lot! Research what economists are predicting about the next few years, the record inflation rates, devaluation of US currency, negative interest rates... Also research investments which have been successful, and those that haven't. Just a bit of advice from someone who's been down this road~
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