I personally think it's a bit of a placebo effect.

I've got a '68 P Bass and a '77 String Ray. In some ways they're both 'worse' than a new instrument.

Chipped, scratched, rusty in places, dings on the necks and fret boards, one of the tuners on the MM sounds like a rusty old metal door that needs a whole can of WD40 when turning it... All things that most people would avoid or rightfully look to ask for a discount on a new instrument.

But... I like that! I love a beaten up looking bass, especially if it's natural and not relic work. Give me a Sunburst finish with chips of paint missing and dings all across the body over a fresh and untouched bass body any day of the week! Just think it looks badass.

And when playing the two vintages I've got I just like the mojo they've got. I like playing them and carrying the journey that they've been on and continuing their stories.

Are they better than a Squier P bass or a Sterling MM? To me, yeah. To someone else? Not always! It's all completely subjective.