Let me posit an ad-hoc theory built on our anchoring bias in regards to price and our inability to think in terms of inflation/hyperbolic discounting: tl;dr - Once a cheap alternative is on the market, us frugal folks can't imagine paying for what was once the default and only option, distorting our understanding of what constitutes good quality * He says buying a new sofa of the same quality today would cost upwards…
My IKEA sofa is 10 years old, has been through 4 moves, and looks and feels exactly the same as the day I bought it modulo a smattering of aftermarket pet hair. I see no reason why it wouldn't last another 10 years. The price right now today is $750. I'm sure I didn't pay more than $500 at the time. And it folds out to a large guest bed. And it has a storage compartment. And getting it up or down a flight of stairs is a breeze. It's just a substantially better bargain. And if I ever need to replace the foam in the cushions, I can buy blocks of foam to put inside the covers for very cheap.