MIM Fenders can be average, but as said previously, they can also be fantastic. I had a MIM Precision at one point, and it was a superb bass, in every way. MIJ (Japan) is widely seen as a good buy, QC seems to be good, but I have had my hands on a couple of clunkers too, so try before you buy is always best.
I love Fenders, but that's just me, plenty on here hate them. Lakland Duck Dunn is a superb P bass, but under £500? You'll be lucky. How about a Yamaha BB414 or similar? Fantastic basses the Yamaha BBs, and you can still find 1980s BB2000s or 3000s on ebay, or even a BB1100S, great range of basses.
How about this one?
[url="http://basschat.co.uk/topic/171793-fender-cij-precision-fiesta-red/"]http://basschat.co.uk/topic/171793-fender-cij-precision-fiesta-red/[/url]