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what do you think?

my friend wants to buy my bass
It is a squier vm p bass has the headstock logo scuffed up, but can still be read as 'SQUIER'. frets 16 through 20 are scalloped. there is a home made thumbrest (spaypainted to look like marble, angled for fast poping, and a thumb pit for comfort, i get good compliments on it, even though it is shaped like an ear) super glued to the pickguard, white tape over the pickups (for looks), and removable gold knobs, and a DIY satined neck. all dents and scratches do not affect playing and are minor. plats are all original exept for the knobs, although i have the origal chrome ones.
i have heard that the value of it is trashed due to my moding, and i told him that. i bought it new a year ago for $250. i due better with neck thinner than a p.
i found a good used Ibanez limeted edition Active SRX520 for $425. i played it unplugged and though it was great. have not gotten an opertunaty to play it through an amp. is this bass better than my p? my friend offered $160 for my p. am i ripping him off? i was thinking of only charging $120.
 
he is better than me. lol

so, is the ibanez SRX520 better than the squier VM p?

I think the sound of the two basses are too different from each other to really say which one is better. I think the build quality of both basses are pretty much on par with each other (ie. I don't think either bass is going to be more likely to fall apart on you than the other). So pick the one you think sounds and feels better (or even another model that could be better for you than either of those basses).

I had an SRX506 as my main bass when I was in high school and part of college. I personally don't like the SRX basses that much (I think they are comfortable to play, but I don't really like the way they sound or look). But you are going to be the one playing the bass... not me.

On selling the bass to your friend: If he wants to buy the bass because he likes the mods you've done to the bass, then sell it to him for what he offered. If he just wants a bass and doesn't know any better, I'd sell it to him for less. I think used ones are going for between $120-$200 on ebay. Like someone else pointed out... make sure that both of you are getting a good deal.