If you can pay it off I would go the dearer one, in the long term you'll be glad you did i think cause you'll love it.
We bought a Fantastic furniture leather lounge which has fake leather (not quite vinyl but close LOL)on the backs and places you aren't sitting on, it made it cheaper than a full leather but still as comfortable. We have had it for nearly 7 yrs and if the cat didn't think it wa a scratching post it would be in great condiditon now!!