I've spent 40+ years keeping that big F on my headstock. And that was probably fine. But my two main basses are now Squiers, aP/J hybrid and a P5.
The Fender P is the backup...And very good it is too, but the hybrid smokes it. Has uograded tuners and pickup, all else is stock.
Nowt wrong with cheap these days. However, as Blue says, back in the day, it wasn't quite such an easy choice.