Actually, I just got a used Squire P bass, a Vintage Modified (the series that was replaced with the classic vibe out now), and it is really good, nothing wrong with it by any means, and is as well constructed as the Ray4. It is a great all around bass, and even these models had decent pick ups in them, the Duncan Designs.
But
my answer would be no, if I had to choose between the two, I would pick the Ray4.
Again, that is just my opinion, they are both great basses. In this case, the P bass has a bigger neck than the Ray4, so you would want to consider that. I enjoy the feel of both now however.
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I had a Squier and to be honest found the QC was a little under par. A nice bass but I never gelled with it and sold it on a few months after I purchased it new.
The Ray4 on the other hand was exactly as it said in the ad. I swapped out the pickup for an Aguilar as suggested by @T_dub and out of personal preference the EQ although this wasn’t necessary.
Now she’s as good as anything I’ve got/played for a fraction of the price of many
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Well we’re used to that over here, you should see the price delta on Harleys!
The SUB Ray4 is one of the models my daughter seems more interested in so it’s good to know it would be a solid choice!
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I can remember the Harley prices in Scotland/England so I know exactly what you’re talking about @HowlinDawg !
They’re strangely a bit better in Oz although bass prices suck 
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This is like comparing apples to roller skates. The tone and overall feel are different. You would have to try both.
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It’s not the price range it’s design. Pickups play an important role and MM style have a more modern sound. P and J basses have distinct and more traditional sounds.
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Are you referring to this? That is a reasonable price. I wish I could find one locally to demo first to see if I like it. How much does the Ray4 weigh?
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Yes but you can get even cheaper used from GC. I paid $200 for mine (I had a $50 credit though I think.
Mine is super heavy but it’s all the crap I put in it. I can’t remember the weight unmodded.
Knowing you as I do You will not like the sound as is so assume you are replacing the pickup too. @T_dub is the SME on this
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Money is immaterial. Basses at any price range can differ vastly from their peers - pickups, electronics, body weight, neck type, etc etc.
And if (for example) you like the MM pickup sound and the Stingray feel more than (say) the sound and feel of a P-bass, you’re going to like that $299 Ray4 more than you would a $3k custom shop Fender P-bass.
People get much too caught up on money with instruments 
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I agree 100%
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Ah, then i only added 4oz to mine (I did rout out a lot of wood for pickup testbed, so must have offset.
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Sorry for the miss… 
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Hmm that’s getting towards heavy.
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If you like Leo Fender, then the logical step is to get the G&L. Leo was a genius who’s not only a constant tinkerer but way ahead of his time. He’s also a prolific pattern collector. Each time he moved from one company to another he improved the instrument.
Fender is a giant company but they are not innovator, they are selling and promoting old stuff. In fact the closer to the original period reissued the more expensive it gets, if you notice.
When he left and started MusicMan he offered the first production active electronics, big pole magnets, and massive bridge still in use today. They are more successful with the new models after Leo left for sure.
Then it’s a company that Leo and his pal George Fullerton found, which he worked til the day he died, G&L. Talk about a lot of eggs in a basket. Their bridge is probably the sturdiest and beefiest in the business. Though I don’t own one currently, I have my eyes of a few CLF models. @T_dub an I played with one when i picked up my Cutlass bass. I still like it. If he didn’t beat me to it first.
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That’s from Google but mine doesn’t feel that heavy? Not as light as the Ibanez but feels lighter than the Fender P.
Definitely lighter than the Warwick though 
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You should weigh yours to find out for sure. All you need is a bathroom scale. Weigh yourself. Then weigh yourself while holding the bass. Subtract the difference and that’s the weight.
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After 2 years in lockdown the thought of weighing myself doesn’t fill me with joy 
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