I've owned (past tense) two basses worth just shy of £1600 and I was scared to play them out live too much. The £600 - £800 range seems to meet my needs in terms of quality verses not being too upset if they get knocked or dented. It's hard justifying the expensive ones when times get tight too
I've always said owning an instrument is a hugely personal thing so whether you are rocking a sub £100 bass or spending £5k, so long as you are enjoying it, fair play to you