#1
I can get this bass
http://www.gear4music.com/Guitar-and-Bass/Electric-Metal-X-Bass-Guitar-Black/1O7
for £20. I still don't own a bass yet, but am in a band playing bass

What I'm ttryna get at is, I woould get a squier VM or Peavey millenium, but should I just get this, then save up for something around the £500 range? I haven't played it but its apparently in good condition. Hey, I may buy both.. (Squier VM/5 string peavey + 20quid thing that i could possibly uprade)
#3
HAHAHA I've got this one and it ****ing sucks it is really horrible, but it's a great exercise for future playing, the action is so high that you will train your figner strength within months, and you'll get blisters and stuff.
So i surely isn't worth the upgrading but for exercise and for a first bass I am reallly glad I had this crappy one.
And i wouldn't recomand you a 5 String as first bass, especially not a cheap one, first try a 4 string than save up around 600€ and if you still want get a nice Ibanez or somehing, exactly what I did, and I don't regred it at all.
#4
Why not buy a 5 string when starting? If that's what you're wanting, just go for it. The only real difference is the extra string. There's nothing more difficult about a fiver than a 4 string at all. I used the Peavey Millennium 5 string for years and it still sees use, even though I have a Warwick.