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My local music store has a Mexican Fender Fretless Jazz Bass on sale used for $275. I do not have $275 to spend on that and I am a guitar player who rarely plays bass (but sometimes end up being drafted as a bass player for random friends' bands, and I also use it for occasional recording). I do however have an epiphone les paul that I have been trying to get rid of, and also have an epiphone p-bass copy that I wouldn't need if I got a new bass. Is there any reason why I shouldn't try to trade those guitars in on the J-Bass (provided they give me enough for my trade)?

Im also interested in opinions on fretless basses in general, I think they seem cooler than regular basses, but am relatively unaware of their pros/cons.

Pros: learning to play one will help train your ear.
Cons: You actually have to train your ear so you are in tune!

Other then that....

Setup plays a hugh roll: if you want that buzzy lame ass modern Jaco sound use low action and new rounds. If you want a thick beefy sound use higher action and flats. If you want something in the middle....

For me that's about it, I've always been able to play the things in tune and have done gigs where I played fretless all night and no one even noticed. The only time I get "oh you playing a fretless" is when I do the sliding around thing.

On the other hand once I was in GC and some dude [looked phishy] was playing one loud and so "out" I got sea sick waiting in line to check out.

So go try one, see if you like it and go from there.

My bassist is related to Wayne Pedzwater so he inherited his fretless orange bass, I have to say it is an amazing bass. After fiddling with it for a while fretless basses are very good. I'd go for it

I love love my fretless P bass. I get a nice "middle" sound with rounds through the P pickup and tone rolled almost all the way back.

Like Mud said, it's great because you can play it to sound just like a fretted if you want. Versatility is a plus!