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Change the strings first. ...
I agree...a low priced bass can sound great with a good set of strings on it.
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Change the strings first. ...

Have you ever experienced what I'm talking about? The cab kinda "farting" or muffing when at about 50% volume? None of the boost or bass settings too high....1001RB/Neo 212 setup.
The rig I use is a GK 1001-RBII with a GK Neo 2x12 cab. Lots of great reviews and recommendations.
The bass I use is an Ibanez GSR200 4-string. When I bought it (for $200) it was just what I needed. Something to get me started.
OP, if you are playing out alot already, then youo made a good decision to invest in your rig first. As the last poster said, a cheap bass through a good rig will sound much better than a good bass through a cheap rig.