I bought a JV Squier 62 Precision nearly 20 years ago in a musicstore in Hamburg. They had a 1978 US Precision in a nice blue for 1.100,- Deutsche Mark and the JV was 1.000,-. The JV had a US Vintage '62 pickup (not original) and even a small extra place in the control cavity for a battery. I went with the JV 'cause it was the better instrument in every aspect.
Today one of my favourite basses is a 1974 US Precision. But in all honesty qualitywise the JV is superior to it. The US just is very lightweight although ash and has a very good replacement pickup and just looks so cool with the large TV logo.
But if you look at some details on the '74 - although not relevant for the sound or feel of the bass. Never seen such things on a JV:
look at the body on the right side of the neck: a family could build a house there. I'm not talking about the neck gap, I'm talking about how the body is cut to provide the surface for the neck. Like a guy did it, who for the first time in his life had a saw in his hands:
Same on my '78 Jazz:
If you look carefully, you see that on my '74 a part of the backplate of the g-string tuner is outside the headstock! Never seen this on a JV!:
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I love these US Fender basses with all their flaws, but in comparison, all of my MIJ Fender instruments are flawless (a Noel Redding Jazz, a Duck Dunn Precision, a JV Precision, a '51 Presicion, a '70s Jazz, a Bass VI, an E-series strat).
So from the standpoint of quality, someone would be stupid to pay as much for a '70s US Fender as for a MIJ Fender.
JV on the left. All these pics just to prove that I have lots of experience with both kind of Fender basses