A key factor concerns how long you want to keep the instrument: Is it for a beginner, especially a youngster, and you're not sure piano lessons will "stick"? Is it a stepping stone to a better piano later on? Then an inexpensive piano may do. Do you want this to be the last piano you'll ever buy? Then, even if your playing doesn't yet justify it, buy a piano you can grow into but never grow out of.
A note about how long a piano will last — a question I hear every day. The answer varies for pianos almost as much as it does for people. A piano played 16 hours a day in a school practice room might be "dead" in ten years or less, whereas one pampered in a living room in a mild climate might last nearly a century before requiring complete restoration to function again. A rule-of-thumb answer typically given is that an average piano under average conditions will last 40 to 50 years. If past experience is any guide, it would not be unreasonable to predict that the best-made pianos will last about twice as long as entry-level ones, given similar conditions of use and climate. However — and this is the important point — most pianos are discarded not because they no longer function — in fact, they may go on to long lives as used pianos for other people — but because they no longer meet the needs or expectations of their owners or players. A player may have musically advanced beyond what the instrument will deliver, or the owner may now be wealthier and have higher expectations for everything he or she buys — or perhaps no one in the house is playing anymore and the piano is just taking up space. Thus, the important consideration for most buyers, especially buyers of new or relatively young pianos, is how long the piano in question will meet their needs and expectations, rather than how long that piano will last.