A few weeks ago I was looking for a cheap bass for recording purposes (I play guitar and wanted to do my own bass lines as well).
I found the SX version of a Fender Jazz Bass on Craigslist for fifty bucks and gobbled it up. Normally it sells new for around $160 from what I could find on the net.
The bass didn't have a mark on it. The construction was good, the neck straight, the action a bit high (easily corrected), and the sound great. I pulled the plate and checked the wiring (said to be a problem on some models) and found it adequate, the soldering good, but let's face it, cheap pots and pickups. I doubt I'll upgrade the pups since it's only for recording here at home.
All in all it's the best fifty bucks I ever spent. I put a new set of strings on it (they were six years old, same age as the guitar) and I am happy as hell with it.
Yeah, it's not a fancy or expensive bass, but it works well.