My first bass was a £50 "Satellite" jazz copy, it was awful. My second bass was a Yamaha RBX-550M in black and it was lovely.
I think I paid £120 for mine, new, in 1991. I sold it a couple of years later (to fund a totally lush Godin Acoustibass fretless) to another bassist I knew at 6th form and he still has it - I asked him about it on Facebook a few months back.
Nice bass man, you got a massive bargain there.