The truth is, they don't make'em like they used to!  The quality of furniture has been declining for the past 75 years.  A lot of new furniture is made with particleboard or even cardboard.  The material is then covered with paper-thin wood veneer or photo finish (a material similar to contact paper).  Even some of today's better furniture is made from inferior materials with shoddy craftsmanship.  Of course, there are some excellent brands of new furniture that are very well made.  However, the cost is astronomical.  Shop at some of the more exclusive furniture stores, and you're bound to get "sticker shock"!

On the other hand, older furniture tends to be of very high quality compared to what is available new.  It is usually made of solid wood or real wood veneer with a solid wood core.  The overall construction tends to be more substantial than what is made today.  But generally, today's furniture finishes are vastly superior to what was available in years past.  Combine this old-time quality with the better modern finishes and the cost savings you'll reap, and you're looking at the best reason to refinish and not replace.