Nope. I loved my old Peavey. Dumbest sale evar. (<- Note the "leet" spelling)
It was my first bass, a P-bass. I don't even remember what brand it was. It wasn't a well-known brand, that's for sure. The body was plywood and weighed a ton but it STILL had neck-dive. I've got a really old picture from college of me playing it, but I can't make out the manufacturer's name. The headstock looks vaguely like a B.C. Rich and has Fender-esque clover-shaped tuners. I replaced the stock pickup with an EMG Select in a vain effort to make it not sound like crap. I remember it was a Sunday afternoon when I got it and the only place that was open was the Music Center. The only guitars and basses they had were low-end off-brands. If I had been the least bit patient and waited until the next day, I could have gotten a far better bass at a far better store. Live and learn.
Later, since I was a dirt-poor college student, I had to convince my parents to let me use their credit card to get my Peavey, which I dutifully paid off with interest. Seems to me it cost me between $250-$300 which was a LOT of money for me back in '88 or so. It had a nice, light, poplar body. Despite the light body there was no neck dive at all. Thought I had died and gone to heaven. It was kind of bright for a P-bass, but that suited me fine. That was nothing that a Duncan Quarter-Pounder wouldn't have fixed anyway, if I cared to swap it out.
It looked just like the one in this thread, except that it was red.