The fact that the track is beating the hell out of the locomotives and rolling stock brings up the need to revise thinking about the situation.
So far the rr has only tried two basic trip options with some variation on each. Those are a trip from end to end, and a trip to half way and back.
Why not reexamine the situation, and concentrate on what can be done with the monies at hand. Offer a much shorter trip, probably on the Chama end, turn the train either before the full climb up the hill. Make it only about 10-15 miles round trip, charge a little less and work to upgrade that short section.
work on ridership on that end by aggressively promoting the trip.
DO NOT ABANDON the rest of the ROW but work to upgrade as time/monies allow
By doing this type of restructuring the rr should:
reduce expenses of running gear rebuilds by upgrading the track and reducing the mileage each loco travels per season.
Appeal to the shorter attentions spanned rider (THE NON-RAILFAN). This should boost ridership, and up the cash flow.
By concentrating the track upgrades to a 5-10 mile section, the rehab becomes affordable. and once the cash flow improves another section of track can be upgraded...
To keep the entire line viable, continue to offer a full line trip, but only once or twice a week, for those who want the entire experience.
Additionally if NM is the only money source, then sorry CO, Money talks BS.....U know
SAM