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Good backup?

Well here is the thing, in light version, I was about to send my bass for maintenance the first thing that came up was, what am I going to play for all that time =( and I thought It would be nice to have a backup bass even if it's not the best bass in the world, so I took my bass to the store and I saw an Squier P-bass it was used but it looked pretty nice to me I played it like 5 mins and I felt nothing wrong the question is, is it worth $120? what do you guys think, maybe i can even upgrade it

edit: it's not a new bass
 
I just realy understood why its so nice with 2 basses :p My Custom serves as a "back up" bass for my fender right now..

If you felt nothing wrong with it, i think you should get it.. i am not 100% sure about whats the new prices on these squires, but aint it usually around 170/200 dollar?