I play 2 Squier Vintage Modified with pickup upgrade. Most MIA are better, but not by far. For less than 5% difference, I prefer a modded Squier with a good setup.
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To add:I never played a MIA Fender Bass, (a few MIMs) and I’m sure some mechanical and electrical parts are “better”
but I have now have a $300 Squier VM P-5 and I’m sitting here wondering what more I could need from it. Sounds great, plays great, everything works just as it should…
I just don’t know what more I could want from a bass.
I didn't have that problem with this bass,its a MIM Fender neck on a VM body (Amber) and vice versa with the black MIM P Body with the VM Squier neck...Yes I believe so. One more thing. I attempted to put a different neck on this VM, and noticed that the mounting space was notas wide. A neck from another bass I have(precision bass) wont fit in the VM's slot. Is this common ?

I recently purchased a Squire Modified Jazz Bass. Dealers tell me it's nothing like a genuine Fender American Jazz Bass.I happen to like it.It plays very well, and the pickups sound OK. Am I just being awed by the Fender mistique or are there significant differences ?
My son was interested in getting a Jazz bass, so I took him to GC a couple months ago where we both played Squire VM Jazz, MIA, and MIM. There is definitely a fit and finish improvement as you walk up the price range, more so between MIM and MIA, nicer fretjob, rolled fingerboard edges, smoother pots, etc. etc. The QC is more consistent in MIM and MIA too, I definitely wouldn't buy a Squier unseen/unplayed. We played three Squiers, and one of them had some finish issues. Just cosmetics, but you are very unlikely to see that on an MIA. As others have said, there is some justification for a price difference, how much the incremental improvements are worth to you is purely subjective. I couldn't say the MIA sounded three times better than the Squier, for instance, for three times the price, but you might think it's worth it. Resale is another consideration, an MIA Fender is going to hold it's name value a lot better than a Squier.The interesting thing is I've only ever heard people say U.S. Basses are better than Squiers, but are never able to explain why. We're just supposed to believe they are better.
CV= Classic Vibe
VM = Vintage Modified
Most people consider the CV series a step up in quality, but both are great bass lines for the money. The basic construction on both is really good, and you can always upgrade things like pickups, tuners, electronics, though it's hardly necessary. There are plenty of gigging bassists using these who care more about playability than brand name. The VM Jazz is a fantastic bass IMHO. The fretless version is also outstanding. The neck pockets are not identical to MIA and MIM models, probably intentional to prevent people from mixing parts and selling them as full-blown Fenders.
I am an admitted gear snob. In general, I am not a fan of Squiers but I think that's mainly because I have been playing since 1978 and have been fortunate enough to play MIA Fenders, Alembic and Spector. However, I did by my son a Squier Strat when he was interested in learning guitar and a Squier Jazz Bass when he wanted to learn to play bass. I figured why spend a lot of money and then find out he doesn't want to play. Lower priced instruments have come a long way since I started playing. I have played some $300 to $400 Ibanez and Schecters that played well and had a good sound.
They are better. A VM jazz is $300 and an American Standard is $1400. Is the betterness of the American Standard worth $1100? Not really, but it's definately better. Better wood, better pickups, better hardware. It's just better.The interesting thing is I've only ever heard people say U.S. Basses are better than Squiers, but are never able to explain why. We're just supposed to believe they are better.