To be totally honest, I beg to differ with most here - I'd go for a). It can make a world of difference to spend 300 or 700 (compared to, say, 1500 vs 3000). I have seen (and bought) many really excellent basses in the 700-1000£ range. Not so many by far in the 300£ range. Decent basses, yes, but not truly excellent. I spent a few years back then fighting instruments thinking that it was my fault, then discovering that a really good bass makes things a lot easier to play. Get a friend who knows the stuff to provide advice - also, crucially, on setting up the bass properly. Just my experience, in any case.