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Squier P/J

I had a Squier J-bass new for $250 (Singapore), about $175 US? It was a fair instrument, hardy, though a little rough on finishing. Sounded decent enough for gigs. I didn't keep it long, but the guy I gave it too has not complained about it. So I guess if it's in working condition, for 50 USD, and you have use for it - take it!
 
Definitely do it. I've played on some Squiers before that sounded great. But I wouldnt touch it if anything was wrong with it. You don't want to catch yourself putting too much money into it (which is easy to do).
 
Fifty bucks from any country is a steal, especially if it's in good working order. Some strings of your choice and you'll be ready to fly.

Mind you, I am a bit biased. It was a Squier Standard P-Bass Special that pushed me into getting a bass in the first place.