A P bass is so simple that I'm not entirely sure what you're paying for with a top of the range Fender, (well I do kind of get it, if you can afford it and it makes you happy then go for it, but you know what I mean).
I have plenty of basses, cheap and expensive, but genuinely one of my favourites is my charity shop Encore P.
I bought it because it just had a look that I liked and the charity were one that I approve of. I cleaned it up, spent a good few hours on the fretwork and put a Tonerider pickup in it. It now owes me £75 and few hours of my time and is one of the nicest playing basses I've played, and it sounds fantastic too.