I've always owned cheap basses [i]because[/i] they can be a bit rough around the edges. And you can always soup them up a bit with bits and bobs and end up with something nice. Until recently the most expensive bass I ever owned was a Squire Standard Jazz, which was 190 quid. All that needs is some better pickups and it'll be spot on.
Call me a Philistine, but when I've heard more expensive basses (i.e. Warwicks) live, I really can't tell much difference between them and something cheaper. So perhaps I'm just a cheap Philistine...