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Should I modify my Squier or upgrade to another bass?

I'm a tinkerer. I have worked on my own basses for years.

That said, if you like the way the Squier you have feels and plays but don't care for the tone, you are probably going to be better off to replace the pickups, pots and jack on it and get what you want from it that way. It will be cheaper than a new bass would be and you might even end up happier with what you get than you would buying a different bass, only to find out down the road that it doesn't quite give you what you wanted in the beginning an you end up modding it to try and get there.

Just my two pennies.
 
My advice is to do it on the cheap. Spending too big money on cheap instruments sorta' defeats the purpose IME. Luckily there's plenty of options these days you could get away with. I say get some Roswell pickups, they're cheap (a little step over plain AliExpress cheap), yet might be a noticeable upgrade over your stock pickups.
 
It's irrelevant if the electronics cost more or less than what you paid for the bass. The value of a bass is the music you make with it, not how much you can sell it for.

If everything on the bass feels and plays great, and you just don't like the electronics, just replace the electronics with electronics you like. If changing the electronics would still leave you dissatisfied with the bass, get a different bass.

If you have a budget of $X, that whole amount can be spent on great electronics. If you get a different bass for $X, that amount is spread across the price of the bass and the electronics, so the electronics probably won't be as high-end. Of course, "higher price" doesn't necessarily mean "sounds better to you." But if you know what electronics will make your bass better, and your ain't into the other mid-priced options out there, why not just get the electronics you'll like?

Of course, if you're uncertain as to whether or not you'll like the electronics you choose neither, wait until you find electronics or a new/used bass you love and get that.
 
If you like the platform of the bass, do the mods. A pickup and jack upgrade is not a big deal. $5 Switchcraft jack, a $50-80 set of Alnico Artec/GFS/Dragonfire/etc... pickups go a long way. I have a really cool Squier parts P bass I assembled to be my 'flats' bass. I didn't spend a lot of $ making it, and it turned out great. The flats, when fully broken in and thumpy, sort of homogenize the tonality, so there is no need to go to great lengths to get a detailed pickup choice.
Pots? I don't change them unless they fail or are not the value and taper I want.
 
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You didn't mention, but is part of the dilemma to sell the Squier to help pay for an upgrade?

If not, I'd consider getting a new bass now (or when you find one you like) and gradually modding the Squier. Start small and use the Squier as a learning tool for how to do it yourself (if you don't already know). I did that with a Squier guitar years ago, and it was invaluable.

As has been mentioned, pickups are a subjective thing. The best upgrades for an Afiinity Squire are (IMO) good fretwork and new pots/jack. I've had a handful of Affinities (guitars and basses) and the pots are usually very poor in their tapers/sweep and are prone to failure. A set of good pots, a good jack and a new capacitor probably won't run you more than $20. And if you decide later to upgrade the pickups, you can keep the pots you already upgraded (unless you go for an active setup). Files for the frets and a soldering iron are useful tools to have, if you don't have them already.
 
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I'm a bit in a dilemma. Not a big one, but still…

As a very secondary bass, I've acquired a Squier Affinity PJ, 5 years ago. Second hand (ex-store rental), strung with flatwounds. It's light. The fretboard is actually rosewood (and a nice one too), the inlays are shiny pearl dots, neck is straight (never needs adjustments), frets are all right, action, intonation, nothing bad to declare. OK, I barely take it out of home and I bought it specifically to have a bass with flatwounds on it (not my regular sound).
The only downside I see to that bass is the electronics, including the pickups. Before investing more money on parts than what the bass cost me, I'm evaluating if I'd be better off selling it and getting a "better" instrument. I do like the Squier I've got, but it's not "love", if you see what I mean…

I've tried many new basses lately, including MIM Fenders, and aside from the Sire D5 I really liked, I was quite unimpressed by the quality of new mid-priced instruments these days.

But still, assuming there's pretty much a $100 difference between a Sire D5 and the cost of my Affinity + mods… Well, be the voice of my conscience, please!

Note that the D5 is an example here, I'm not set on that specific bass all ready… but almost.

Before rewiring your instrument, ask yourself these questions:
Are you getting sounds that you like?
Are you utilizing the full range of controls on your instrument and on your amp?
Do you have a legitimate need to replace electronics or it is mostly FOMO?

A few other thoughts.
-Squier electronics aren't fantastic, but they aren't bad either. Replacing the pots will get you a smoother feeling knob but likely not a different sound. Replacing the pickups may get you a better sound, but it also may get you a worse sound.
-5 year old flatwounds are going to be pretty bland. Even getting some new flatwounds on there would refresh the sound.
-Flatwound sound can be mimiced with roundwounds and reducing the treble. Purists may disagree but for the other 99% of us it works.
-If it's the feel you like from flatwounds, but you want more tones available, look at other sets that have more treble or interesting mids on tap.
-The straight neck and good frets/action/intonation is the most important part of tone, it allows you to play your best.
 
I'm a bit in a dilemma. .... Well, be the voice of my conscience, please!
You're obviously really happy with this bass except for the electronics. You're not going to get much if you sell it, and you never know, you might not be as happy with your new bass, and you'll have spent all that money just to discover you made a mistake. Pickups and controls are the easiest parts of a bass to change out or modify, and if you get some plug-n-play pickups of the same form factors and a prewired controls panel you can do it without ever having to do any soldering or routing.
 
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Do not sell it. It will actually appreciate in sellable price. If the bass can be setup to your liking, install quality strings and ultimately a good pickup set. I put Fender Original 62, and Seymour Duncan SB-1 pickups in my Vintage Modified Squier P's. They play and sound every bit as good as my more expensive (not necessarily better) basses. The pots on your Affinity are mini pots and if they work well, then leave them.
 
If you like the bass go ahead and make the mods. It doesn't matter if new electronics cost more than what you paid for the bass because you can always put the originals back in if you sell it and either move the new stuff to a different instrument or sell them separately.

It sounds to me like you like most of the things about this bass. Rewire it and go to town!

If money's an issue, go with Artec as others have suggested. Cheap alnico 5 p'ups will still sound much different than the stock ceramic ones (better to my ear, but that's all subjective). You could end up substantially improving the bass without spending a fortune.
 
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I'm a bit in a dilemma. Not a big one, but still…

As a very secondary bass, I've acquired a Squier Affinity PJ, 5 years ago. Second hand (ex-store rental), strung with flatwounds. It's light. The fretboard is actually rosewood (and a nice one too), the inlays are shiny pearl dots, neck is straight (never needs adjustments), frets are all right, action, intonation, nothing bad to declare. OK, I barely take it out of home and I bought it specifically to have a bass with flatwounds on it (not my regular sound).
The only downside I see to that bass is the electronics, including the pickups. Before investing more money on parts than what the bass cost me, I'm evaluating if I'd be better off selling it and getting a "better" instrument. I do like the Squier I've got, but it's not "love", if you see what I mean…

I've tried many new basses lately, including MIM Fenders, and aside from the Sire D5 I really liked, I was quite unimpressed by the quality of new mid-priced instruments these days.

But still, assuming there's pretty much a $100 difference between a Sire D5 and the cost of my Affinity + mods… Well, be the voice of my conscience, please!

Note that the D5 is an example here, I'm not set on that specific bass all ready… but almost.
It sounds like there is a lot to like about your Squier. Since you're asking... KEEP THE SQUIER! I have a Squier Affinity PJ and did 2 upgrades and it is a fantastic bass!

Upgrade 1: Seymour Duncan QP pickups
Upgrade 2: Hipshot tuners

I will NEVER get rid of it! Plays and sounds incredible! Those pups are powerful and produce a very dynamic tone.

I also have flats on mine... EB Cobalt Flats. Best sounding flats if you still want to maintain bite and clarity. I have Cobalt Flats on 6 of my 7 basses. Absolutely love the sound/tone.
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For me it's the neck.
Does your bass feel good to you? .
Make sure the neck is stable. No knots or weird grain patterns on the backside of the neck.
Also, it will not increase the value of the bass. I recently sold a fender p that had $250 worth of mods. It went for the going price as a non modded p bass. Finally, if you replace the electronics, keep the old electronics. if you sell the bass you can put it
back in. I wish I had done that.
To answer your question, if you buy another Indonesia made p bass, it will be more of a side move. Unless you buy a different style, just not a lot of difference between a $300 bass and a $1000 bass. Other than the finish. May even use some of the same parts.
 
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Normally I'm buy-a-better-bass guy and I generally do not like Affinity Squire's. However, as many others are saying if you love the neck I'd buy a used or cheap pickup and drop it into this one.

One thing you'll notice with many of the mid-range instruments you're looking is that they will both be heavier and have a thinner neck than the Affinity Squier. Also, you'd be lucky to get $200 for your bass, so if you sell your bass, you've got more than 3 bills to put down, as compared to spending around $100 on a pickup and a couple of pots.

All that said, if you get to play a D5 and it sounds and feels better enough that what you have that you don't feel any desire to mod it, I'd get the D5.