Leo Fender himself said so.
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"By the end of the 1950s though it was time to expand the Fender bass category and Leo Fender and his staff turned their attention to a new “deluxe” bass guitar design in 1959. And just as the Stratocaster expanded on the Telecaster rather than supplanting it, this new bass would complement the Precision by offering great tonal versatility and a design that went beyond the utilitarian to the realm of the sleekly stylish. If the Precision was a Chevy, the new deluxe model would be a Ferrari."
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"By the end of the 1950s though it was time to expand the Fender bass category and Leo Fender and his staff turned their attention to a new “deluxe” bass guitar design in 1959. And just as the Stratocaster expanded on the Telecaster rather than supplanting it, this new bass would complement the Precision by offering great tonal versatility and a design that went beyond the utilitarian to the realm of the sleekly stylish. If the Precision was a Chevy, the new deluxe model would be a Ferrari."

