I vote for the mexi-strat. You're going to end up changing out the pickups no matter what you buy. So get the mexi-strat and then put in what you want. 
 
Or better yet, get yourself a neck from Warmoth and a body from ebay and then pick all your own parts. Put it together yourself and for a bit more than a mexi-strat, but certainly less than an american version, you'll end up with something that will rival the top end custom shop models.

I'm a big fan of Mexican Fenders.  I've got a MIM Telecaster, P-Bass, and Jazz Bass.  
The big drawback on these are the pickups, but you can buy replacements and still be at less than 50% of the MIA cost.
 
Telecaster:  Bought a Texas Special bridge pickup, and a Lace Sensor dual-gold HB for the neck, both on ebay, ~$100 total.
P-Bass:  Bought a US Fender pickup and a Gotoh 201 Bridge, ~$120 total.
Jazz Bass:  Bought the Tony Franklin PJ pickup set and a Gotoh 201 Bridge, ~$150 total.
 
After those changes, I'd hold these instruments against ANYTHING else i've played in my 30 years as a musician.

Another option is used American Strats.  You'll end up somewhere between the 1/3 cost of new MIM and 1/2 the cost of a new MIA.
 
Not for a few years, but I've owned both.  The MIM was nice for the price.  The MIA was nice.
('99 MIM I bought new, then a '98 Am Dlx I bought used in '00)
 
So maybe all of the hardware won't have to be changed in a used MIA.  Might get away with just a pup swap if he has a specific set in mind.  And somebody else will have taken the initial depreciation hit.

Buy a used Grosh, Anderson, Shur (is that spelling right?) and never look back!
Valley Arts made some great strat based models back in the day.
Thing is, I've NEVER owned a Fender Strat; '57 Duo Sonic ($50, knew I could flip it for $75)
and a '64 Jazz, gotta play bass once in awhile.
Love my "retro-classic" Grosh tho'....
Just sayin'
 
T

I used to mod my guitars/basses... trying to find that elusive tone.
One thing to be aware of...
If you decide to liquidate modified instruments, it doesn't increase the value.
If it was a $500 guitar, putting another $600 of mods/upgrades won't make it a $1100 guitar when reselling.
 
I took a bath on numerous guitars/basses...
 
Years later, I decided to only buy instruments I love "as is".
At least for me, it helps keep G.A.S. (somewhat) in check.  
 
If you get a higher-end instrument, if you mod it... make sure to keep the original parts and avoid destructive changes that can't be reversed.  That can kill the value... and (maybe it's just me), but I don't like seeing classic instruments "butchered".  
 
 
 

I have a fender am std strat. It's a great guitar, but I tried a lot before I found one that was setup properly. When it comes to cars and guitars I want to try the one I'm going to buy, I don't like to order them. Since I do home recording and single coil Pups are susceptible to noise I put in a set of Joe Barden Pups.
 
One thing to consider in going MIM is if the hardware is the same. The tuners don't affect the playability when you try it, but strats are known for going out of tune so you want good tuners ...
 

I agree with Jim; mods do absolutely nothing for resale value or trading.  Over the last 10 years, I tend to buy higher end instruments and if I mod them, keep the original parts.  They are more valuable this way when reselling or trading.  
 
As far as Fenders go, I still feel the best bang for the buck is a used MIA.  There have been some very good deals out there in the last couple of years if you watch the used market and know your stuff.  
 
I have owned 3 Fender Strat's in the last 10 years, an American Deluxe, an American Standard and a MIM.  I traded the Am. Deluxe for a Gibson LP about 6 years ago.  Last summer I traded the 2013 American Standard for a 2013 Gibson LP Studio.  I kept the MIM.
 
The MIM was originally purchase as a back up instrument on the used market for $220; with the sole intent to modify it into a gigging back up instrument.  Pretty much everything has been modified on this MIM; infact the only original part still left with the guitar is the body itself.  The neck got changed out for a new MIM neck back in August when it needed a fret job.  The block was replaced with a heavy steel block.  The bridge was replaced.  Tuners replaced with Fender Locking tuners.  The pickguard was replaced along with the pots when I bought a fully loaded pickguard and pick ups from an American made Strat off eBay.   I have gone through the original pickups, the American made pick ups, Duncan Texas Antiquities and Duncan stacked pickups on this instrument until I settled into Rose Pick Ups, custom wound to a Gilmour mix of neck, middle and bridge.  I will never get anything more out of this instrument than it being a used MIM Strat, but I kept it as my main player because it was so heavily modified, that it played every bit as well as the expensive Strat's that I owned; and got most of my playing time, for Strats.  I used the bargaining power of the better instruments as trade for other high quality instruments.
 
If I was to start over again, however, I would buy a used MIA Strat and change PU's until I got it where I wanted it.    

Thanks again everyone, that is a LOT of great info to absorb and consider and we sincerely appreciate it!

Hi,
Personnaly I would say that the trick is to play the guitar with no considerations for the price and then pick the one which sounds and goes inside your budget.( I cannot imagine getting a guitar I didn't hold in my hands)
What I mean is that I tried a lot of guitars when it was time to buy one,expensive and cheap,and I finally found the one with which I was in phase and that I could buy.
By the way I would not sell theese instruments because I am ok with them and some have been beside me for several years.
Cheers
Olivier

I agree that the best thing is to go actually play the guitars. The more you can try, the better ;-)
If you have to travel to a city, where you can go to a bunch of shops - I think it's worth it. Make a day of it.

I have a 1998 am deluxe (I think that's what it's called - it's a tiny step more than an am std) HSS strat (Lone Star strat), a 2012 Master built strat ('59 NOS strat by Yuriy Shishkov), and a 2014 Am std Tele.

I love them all,and haven't replaced anything on them. The one you're looking at is the replacement for the Am std isn't it? I bet the pickups will be fine, and the build quality is good now.

Just let him try out a whole bunch - and take the one that "leaps in to his arms".
That's how I got the Masterbuilt - I was trying a bunch of Custom Shop ones, cause I wanted to get an "expensive" guitar, but I didn't trust myself to get an old one (that wasn't a rip off). I wasn't falling in love with any of them, and the guy let me try the -really- expensive one - and it just leapt in to my arms, and that was it. It felt and sounded wonderful - so I went home and thought about it and said "f%#@ it", that's the one for me 😀