What am I missing? An SB-2 is $1250 and a US Precision is $1200. A US Fender Jazz is $1250. So how is the SB-2 $300 cheaper?
As pointed out, the SB-2 has a second pickup. The price comparison varies with model and features. For example, MF sells the Tony Franklin Fretless Precision for $1699.99.
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MF sells the USA G&L SB-2 in tobacco burst for $1162.50. If custom ordered, the fretless ebony option (to keep the comparison more even) would only add about $100-150, so we're looking at a $400 advantage to G&L.
But bear in mind that there are things that are standard with G&L that are premium features elsewhere. The Saddle Lock bridge is more massive than the typical stamped steel; it's at least equivalent to a Badass or Hipshot bridge. Most G&Ls use 2-piece bodies and can be special-ordered with a one-piece (my ASAT bass is a one-piece). American Standard series are generally 3-piece alder.
Then there's the matter of the L-2000. At MF they are $1275. Fender doesn't make anything like it. Closest thing is a USA EB MusicMan HH
at an average price of $1540, which is $265 more.
$1275:
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$1540:
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Where G&L starts to become a bargain is custom orders. Order a Precision or Jazz from Fender with something other than the 5 standard colors, ask for a different neck profile, different fretboard radius, or left-handed and see what the cost and waiting time is. G&L offers 44 standard finishes in 3 price categories, five different neck profiles at no additional charge, left-handed at no additional charge, alder or ash bodies (and sometimes mahogany); maple, rosewood or ebony boards; and binding, body contouring, various pickguard finishes, and figured maple tops at reasonable upcharges. Total wait for a custom order is maybe three months or less. You can get a tricked out axe in
your color, tonewood, neck carve, and trim for around $2-2.5K where from Fender it would come out of the custom shop for more like $3.5K and a 6-month to 1-year wait.