The OP was talking about a Fender for $500, so my thoughts are to spend another $100 or so and get something that is a far better instrument. Of the Squires I've played (and one of them I had borrowed from a buddy for a week and played it a lot), about the only thing I've been impressed with was the finish. The hardware was that of a $300 bass (a couple of them couldn't stay in tune), the electronics were "OK" for what you're paying for, the fretwork was, again, on par with what you would expect for $300 new. And for that you get no case.
Is a Squire the best thing you can get for $300 new? Perhaps. But seriously folks, you cannot compare them to MIA Fenders. Everything about the MIA's is better - better finish on the fretboard, better fretwork, *much* better hardware, you'll likely get a HSC with it, better wood, and you have a bass that will hold its value over time. Try getting your $300 back for the Squier in 10 years. If you want a Squier, get on Craigs list - you can find them for $100.