When people tell me that they've spent a great wad of cash on an old Fender I have to restrain myself from saying, "what? you could have got a new one for that!!". Having said that I do love the look and feel of a well played-in, old Fender. Some of the 70`s stuff I've come across has been rubbish, but then again some of it was great too. I picked up a lovely '76 Precision, which I bought entirely because it played and sounded fantastic, it was also very cheap (I knew I should have held onto it for longer!). The neck was a sensation, and it looked wicked with all the chrome-y pickguard-y bits on.
I agree with Crazy Kiwi about the value of these things, it's surely what it's worth to the individual that counts. Ironically I paid £900 for a Wal Custom a few years ago - and it was really stretching my budget. I had dithered about on a couple that I had been offered for £700, and then regretted not having taken the plunge. I felt like I was paying a bit over-the-odds, but didn't want to pass up on another one, and I had wanted a Wal since I first picked up a bass. Needless to say, I don't feel quite so bad about what I paid for it now...