I want to add bass to my tracks, and I'm wondering whether I can use my guitar, with plugins, as a bass?

In the spirit of saving money (and minimalism - I live in cramped apartment), I was wondering if it would be a big disadvantage to forego buying an actual electric bass (like a Squire Jazz), and just use a guitar with effects / vst's / etc to sound like an actual bass.

Wondering how close I can get to achieving a "bass" sound with my guitar and plugins?

Or would it be much better just to buy an actual electric bass?