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Worth fixing up a Squier P-Bass?

I have a Fender Squier P-Bass which I learned on. I just use it as a backup amp right now, as the input jack seems to be coming loose and the sound is just muddy on it.

Should I upgrade the pickups, replace the input jack and have it setup, or should I just sell it to a beginner and buy a different bass to have as a 2nd bass?

I love how the P-Bass sounds but don't want to put a ton of money into the squier.
 
Fixing the input jack is no big deal, and may solve your tone problems...if it used to sound good before the input jack problem. Mine was loose at one time and just tightening it up solved the sound problems I was having. Yours may need to be resoldered? Replacing the pickups is another easy upgrade that you might really like. I put the Fender '62 pickups in my Squier P and love the sound. It's a great bass to practice and try out up-grades on, and nice to play too.
 
That's a good idea. Try some new pickups in there, if you still don't like it, put the old pickups back in there and sell it, and keep the good pickups for yourself to possibly use on whatever eventual bass you may buy as your backup.
 
I have a Fender Squier P-Bass which I learned on. I just use it as a backup amp right now, as the input jack seems to be coming loose and the sound is just muddy on it.

Should I upgrade the pickups, replace the input jack and have it setup, or should I just sell it to a beginner and buy a different bass to have as a 2nd bass?

I love how the P-Bass sounds but don't want to put a ton of money into the squier.

If the neck and frets are in good condition, and the bass intonates well, then I'd go ahead and upgrade a few things on it. You can get decent parts for not a lot of money on eBay, and replacing the pots and jack shouldn't set you back much. Go to Fender's website, they have all sorts of information on how to set up a P-Bass.