Bought my first bass in the early '70s. It was a brand-new Maple Glow 4001. I still own it.
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My first bass is also Peavey Milestone…but a P bass. I still have it, and though I don’t usually gig with it, I do still occasionally play it. It’s really a great bass….light, sounds great in a mix, stays in tune incredibly well, holds a great set up, and is actually fairly bulletproof. If I had to sell all my basses except one, I probably would actually keep the Peavey.Still have and play it. Ideally a beginner bass is good enough that you could keep playing it indefinitely (though this is certainly not true for many entry quality instruments). Mine was a Peavey Milestone I (entry level Jazz bass comparable to a Squier Jazz from the time period). Swapped pickups in it several years ago. This bass is and always has been a solid Jazz bass.
In terms of your sentimental argument, that is certainly there, but I never sold mine for a much more practical reason. It plays/sounds great and if I sold it, I might net $150 out of it. Bass is too good for me to take $150 for it (would cost significantly more for me to replace it with a Jazz bass that I like as well).