Though the CBS years are generally regarded as difficult ones for Fender, the company continued to employ and train some outstanding craftsmen. Among them was John Page, who began his career at the firm in 1978, and in the early 80’s, he was given the task of developing a replacement “student” guitar for the Mustang.

His design needed to be inspiring for beginners, robust, and cost-effective.
By this time, Fender was under threat from the growing number of cheap Far Eastern imports. Page responded by creating the Bullet, a two-pickup model with a Telecaster-style neck and a Stratocaster-like body.

It debuted in 1981 and sold for $189.
According to available records, the very first Bullets did not have vibratos; the unit seen on the body of the model here is probably a later addition.