If you’re weighing up the pros and cons of restoring vs replacing we would ask you to take a really good look at the quality of the new item that you are considering. Don’t just look at it in the department store. Don’t just sit in it. Check it thoroughly for the quality of construction. We think you’ll be in for a surprise even with some of the more reputable high street suppliers. They really don’t make them like they used to since the consumer market has driven retailers to concentrate on supplying ever cheaper furniture. Consequently they have cut quality across the board by compromising on the quality of raw materials (which won’t be noticeably immediately), the quality of construction (how well is it put together – will it last?) and the quality of finish and detailing.
The older pieces that you are considering throwing away may look shabby and feel saggy, but the underlying frame construction will almost certainly be fine and we’ll wager it has a lot more life in it now versus a brand new modern frame because it was made properly in the first place. If it has lived it’s life indoors there is no reason that, underneath it’s current worn look, it won’t be as good as new.