New member here, my first post. Interesting thread - interesting to see what the opinions here are, and who's posting them, and how they're handling it.
My simplistic take: "expensive" is as subjective as "good/better/best", and so not really worth arguing about. Value is a personal and subjective judgment, and really can't be disputed. Some will pay lots for a bass or amp, and some will not pay the same (or even less) for the same item, simply because they don't value it the same way. And it will vary for the same person by time and/or circumstances. The 4003 I bought new from American Music Supply for a bit over $900 in the mid-90s was a deal, but if they offered it at that price again right now I couldn't afford it - the insurance settlement money has run out. Wasn't expensive then, but seems to be now, at the same price.
Supply and demand do eventually, inevitably, balance out. Harley Davidson used to have a 2-year waiting list, and the very existence of such a waiting list made the prices go up and the bikes all the more desirable (for the people that like them, that is - as a Ducati owner I wouldn't want to be found dead on a Harley). But when the supply caught up, the demand was satisfied and the prices went back down to MSRP. And in the meantime, some potential Harley owners made their own value judgments and bought other similar cruiser bikes - Hondas, Yamahas, Kawis, even Victories - which reduced demand. And so it goes - capitalism works, if somewhat unevenly, especially for specific people desiring specific items. I'd love a real '59 Les Paul, and a Veyron, and a 40' Rinker, but they're too "expensive" for me, but to someone else, maybe not so much. (Come on Powerball!)
I paid $380 for a new 4001 (with case) at Mannie's Music in 1974; about the same for a MusicMan Stingray in 1976. Stupidly sold them both, wish I had them back. Paid about $900 for my current 4003 (new, with case), and about the same (used, mint, with case, via eBay) for my current Stingray 4. Expensive? Not expensive? I don't know, and I'm not worried about it - what matters was that it was worth it to me at the time, and I'm still enjoying playing them both.