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I don’t see, where it wouldn’t make sense to invest in new locomotives, by the time new ones appear, your old ones are probably that long in service, that their enhanced running costs due to their age are higher than the starting running cost of the new locos.
Additionally, new locos are often faster than old ones, either because they can climb inclinations faster or they just have a better top speed, thus they decrease frequency which in return gets you more passengers.
Only in freight delivery it can be the case, that older locos are better than new ones, because the industries are pretty fixed.
If they deliver to one city/industrie = 50 goods limit, to two 100, to three 150 and so on.