...Though the operating and insurance costs weigh heavy in decisions made to rebuild/restore steamers.
Talk about expensive!
Several years ago, 2004, a friend and I stopped at the Kentucky Railroad Museum. We were on our way home from a show where we were vendors at in Cincinnati.
While there, we got to talk to one of their volunteers/employees, the VP of the museum, IIRC. If you remember, this is where the 2716, C&O 2-8-4 calls home. While the 2716 was in storage for the foreseeable future, it was in running condition, but close to needing an overhaul.
The V/E stated that due to new, (at the time) FRA regulations, that they wouldn't be able to afford to restore her when the time came. The regulations have added such a level of expense to a restoration that for a relativity small museum like the KRM, the chances of a restoration becomes almost zero.
We also asked about if she would ever be fired back up. He said that since it took $25,000 just to fire her up, he doubted that it ever would be again, no matter what the flue time left on her was. He also said that that figure only included getting her started, and not running her down a rail line.
This may explain why the TVRM at Chattanooga was having to take such a long time in restoring one steamer and esp. the 4501 to operating condition. They have had to meet these new regs, and overhaul them their selves. This IIRC, is the 100th anniversary of the 4501, and there is supposed to be a big party for it at Chattanooga, but the latest reports from some friends there state that she's gonna miss it, if she hasn't already.