The new upgraded (Fenders opinion, not mine) Higway one basses are $799 everywhere I've seen them, be it in person or on line. I've played a bunch of the new ones, and just don't like them as much as the first version.
They were never specific on the old version about what the finish was other than some kind of satin, low gloss. The new finish doesn't look any different, and having heard of older Highway ones having reactions with rubber stand, leads me to believe it's been some sort of nitro all along. I remember a pretty inconclusive debate here on talkbass about this a while back. No idea what the finish actually is, but I will say the usually sound very good, so what ever it is, I'm cool with it. The old version could be had under $600 new. Build quality is on par wtih the MIA's in my opinion. The American Series may have a little more attention payed to the neck/fingerboard. The American Series P's feel a little better finished right out of the box. If I were in the market for a new Fender P, the pre upgraded Highway one would be the one I'd buy, and I'm a hardcore Precision guy. Last week I played a pre upgraded, upgraded, and American Series P basses back to back, and the best one was def. the early version Highway one. As to the finish wearing. It will age faster than the poly, but it isn't going to happen over night.
I personally thing Fender screwed up with this upgraded model. They took a great bass with at a great price point, and moved it upscale, and added a bunch to the price, by adding stuff I personally don't want on a P bass. Badass and Graphite. This may be to make room for the higher end MIM stuff now that resides in the same price range as the old Higway one. The old pre upgrade, reminded me a lot of the old "American Standard" pre "American Series" P with a different less expensive to apply/finsih satin finish on the body. Two of my favorite parts are now missing. The old style bridge, and the non graphite reinforced neck.
If you can find a new upgraded one for $500 I'd buy it if I were you. That's a great price. Willing to bet it's the old version, which is still a decent price, and the one I'd rather have anyway.