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P-Bass modified

Hey folks:

I am drummer who is studying bass for last 3 years. I have a question: my teacher said I "paid too much" for a 1995 Mexican P-Bass. I paid $550.00, but it was extensively modded out with
Hipshot tuners (drop lever on E), Baddass bridge, and a replacement Dimarzio pickup. The bass was in immaculate condition, and plays like a dream. I do not profess to be any expert, but I have played professionally and semi-pro after that for 30 years, and have heard lots of basses, and this one was a beauty. What is the opinion of bassists out there?
 
If you love it, you paid the right amount. Personally, I'm not sure I'd pay that much for one, but that's a great bass to start on. Don't let the opinions of others shape where you place value.

Your teacher didn't pay for it, did he? Then don't listen to what he says about its price.
 
MIM are going used at right around 300 most places I see them. +100 for the bad ass, +60 for the pickup puts you at $460, no idea how much a defined is but it sounds like it equals out. Not a killer deal but you didn't get shafted. Play it like you stole it!
 
The fact that the neck is straight after the years means you have a "good one". Fender has been building to a price point ever since the megastore/megacatalog came along. To me that means that a 16 year old bass may be a bit better than one that sells for the same retail price now. If the mods are what you would have done yourself, you got a fine deal.
 
considering the mods, not a huge deal but thats not a bad price.

This is essentially it. But the reality of bass sales is that no matter how immaculate a bass is, used, the price takes a hit. And the other thing you'll find around here is that mods are only for YOU! And what I mean is that if a bass is modded with pickups and bridges etc. that cost a fortune, you'll never talk a buyer into covering that expense... UNLESS your name is Sadowsky etc. and then your highly modded bass will go for thousands. Point is that this is all about perceptions and subjectivity.

And example: I bought a used MIM J-bass. $300. Immaculate. Plays like a dream. Factory pickups stink. Pickups I want: $200. Puts me in your price range. See? But do you think I'd ever get that $500 out of this bass if I tried t sell it? Dream on. Not the point.

The point is when you find a bass that does it all for YOU, the tone, the playability, the feel in your hands etc. how much is that worth? Well, this is how boutique makers ask thousands. Point is that every now and then in life you come upon an instrument that at least for you is "special". And when you do, it's always worth the money, no matter what it costs. And if you pass it by, you'll always be sorry you did. And if you don't you'll always be glad you spent what it took. The fact, that nobody else seems to recognize that the instrument is "special" means that often you can get a steal and also that if you try to sell it you lose money. But those are just side effects. The main issue is that you happened on one of "THE" basses and now it's yours. Period.
 
Who cares what an instrument costs. If it is a gem, then it is worth it. If you are trying to sell, one day a real buyer will come along and pay that the gear is worth, not what the market says it should cost. Not all instruments are created equal.
 
It is YOUR bass. You like it, and obviously feel it was worth the money. That means it is to you. Don't let anyone tell you otherwise.
I do not have the money invested into instruments that some on here do, but I have bought a lot of things for no other reason than because I liked them (usually classic cars or motorcycles). Sometimes what works best for you is not rational or value inspired. That means nothing if you are satisfied with what you have
 
Music instructors love to pontificate about knowing the fair market value of instruments. Just nod your head and don't worry about it. Realistically, you paid about $100 more but what's the big deal. You have a great bass that's easy to play and sounds awesome with those pickups.