In the ideal world, no.
But this is not an ideal world. No TOC spends money it doesn’t need to as a franchise draws to a close, so this running down of the fleet is a universal phenomenon.
The issue with XC is that the franchise should have ended a good while ago, but instead it gets extended little by little and this gives the franchisee no confidence to encourage them to spend extra money when there is insufficient time to recoup their investment. Had the XC franchisee known this would drag on for as long as it has then maybe they’d have considered it worth doing, but obviously they didn’t and so decisions about long term investments could not be taken.