Actually, if you have the money and want to have a nice instrument go for it. Yes you can get a bass for under 400 that will do the job you need, but it's nice to have.

Keep in mind brands like Fender, Gibson, Ibanez, Gretch, and Hagstrom all increase in value once they hit the 15-20 year mark. If you keep it in good shape it can be a good long term investment, (plus you get the joy of playing them for that long.)