I recommend buying a Precision, a Squier would be ok, I got mine for £100, 1995 model + a £40 gig bag thrown in.
New bone nut, EMG's, new Gotoh bridge, stoned the frets myself and set it up with DR strings, £230 all in and a brilliant precision was born.
Sounds the biz, Stranglers, Pink Floyd, Bruce Thomas, Mr Jamerson, its all there.