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tone knob on VM Squire Jazz

I've been playing for the last few months and have recently started getting to a point were I wanted to mess around with the tone of my bass. It seems to me that the tone knob just doesn't do much at all. I played an MIM Jazz the other week and it seemed like slight adjustments to the tone knob made a world of difference in comparison to my VM. Now I was playing on a larger amp (but the same brand and roughly the same settings that I use at home). Is their something wrong with my tone knob, or should I just upgrade to the MIM?
 
I wouldn't mind ripping open a bass and fiddling with its innards, but being so new I don't want to ruin my only bass. Maybe I should try switching out all the pots on this old strat copy guitar I have first.

where would I find info on which pots I need for the Squire?
 
Changing your pots will do absolutely nothing for your tone, unless one of yours is not working properly. CTS pots may be better quality, and may last longer than what is in your bass, but they work no differently. It could be a bad pot, bad solder joint, bad capacitor ect. No reason to change the guts of your bass for the sake of changing them.