Inexpensive does not necessarily mean cheap... the two are completely different. I'm a prime example of this with my gear! My gear lineup for stage and studio is really simple, and everything I have was inexpensive.
My primary bass is a Traben Chaos Obsession 5-string that I got from a dealer on eBay for less than $400. The bass normally retails for $980, and streets at about $749. I think that it was a factory scratch and dent, but the only obvious cosmetic flaw is a pen mark where the factory was marking the location of the output jack. Maple/walnut neck thru body design, royal paulonia body, striped ebony top, wenge fingerboard. This is the bass in the picture on my profile playing with my client Goose at the Pour House in Raleigh, NC. It came LOADED from the factory with Rockfield passive soapbars and 3-band EQ. I was surprised at how good the pre sounds; I have not had any unusable tones come from this bass. Narrow nut and J-bass spacing at the bridge. Coolest feature of this bass is the Traben Chaos Internal Bridge system. Check out
www.trabenbass.com for info on the bridge. I had to set up the bass when it arrived, but that wasn't too big of a deal as I know how to do a basic set-up. My only complaint with the bass was when I first got it, I found out that it had a bad ground wire when I was in the studio with a paying client... Embarassing... I went home to get my Yamaha and finished the session. The ground wire issue was resolved quickly by Traben, and they were fantastic to work with.
My secondary bass is an Ibanez ATK700 4-string that was purchased on clearance recently from an online vendor. The list price of the bass was around $1000, and before it was discountinued, they sold new for about $749. I got the bass, gig bag, strap locks, and leather strap for about $360 simply because Ibanez discontinued this particular model of the ATK series. Deep blue dyed finish with quilted maple over a swamp ash body, maple/walnut laminated neck with flamed maple fingerboard. This thing is probably the most versatile single-pickup designed bass that I've ever played. I actually like it better than the infamous Music Man! It has an Ibanez triple coil pickup that is basically a humbucker with a phantom-coil between active coils. The pickup is at the bridge position. The neck is thick and chunky, and feels like a Warwick neck -- VERY comfortable! The body reminds me of a P-bass body with more curves. Active 3-band pre onboard. The Ibanez arrived set up perfectly with no flaws in the finish or electronics.
My third bass is a cheapo-mod Yamaha RBX460 4-string. It is the most beautiful beginner bass that I have ever seen, with a quilted maple top over an alder body, maple neck with rosewood fingerboard. Deep red dyed finish. I originally purchased it because I didn't have a 4-string to give lessons on. I ripped out the stock pickups and tone controls and loaded this puppy with Basslines Quarter Pound P+J set and Basslines 2-band active pre. I lined the control cavity with copper shielding tape as well, so this bass is dead quiet in the studio! The stock bridge was basically a Fender ripoff, and I don't like stock Fender bass bridges. So, I upgraded to a Hipshot B bridge. I routed out a battery box, and accidentally routed THROUGH the body!!
To cover it up, I glued a pick made of wenge wood over the hole, and it actually looks pretty cool. The bass, case, and all of the mods that I've done to the bass over the 10 years that I've owned it have all cost less than $500.
My amp is a simple Ampeg BA115HP 220w 1x15" w/ 1" compression horn. Simple 3-band shelving EQ, aux input for drum machine, CD player, etc, built in tuner, and XLR out for the PA. I bought this B-stock recently and got a really good deal on it.
None of my gear was terribly expensive, but it is all pro grade. Every studio that I've recorded at have liked the respective bass(es) that I brought, and the Ampeg that I just got performs well in live settings.
When I was younger, I had Warwick, Spector, American Fender, Carvin, and Ibanez Prestige basses with a Hartke stack and Carvin head. Don't get me wrong, that stuff was GREAT, but it was a pain to lug all that crap around! I had a Honda Civic 2-door, and somehow fit all that in the car! I actually like my current set up better than my old hig-end gear! The Traben has the growl of the Warwick, but with brighter tone. The Ibanez sounds as good as the American Fender that I had, and the Yamaha plays better than the Spector did! I'm a great example of getting good gear at a great price that outperforms high-end stuff.
Yeah, my first little paragraph describes the cheap stuff I use at gigs. The rest explains why I can't afford name brand stuff like ya'll got. 
all still working good. Gotta change the amp's filter caps soon tho, b4 they blow-up. Speaker needs re-coning too.. lotta maintenance over-due..
