Train services on the Isle of Wight have taken a major step towards becoming a self-contained , self-financing operation after the company which leases rolling stock for use on the Island Line agreed to sell the trains for £1 (link below.)
http://www.rmtbristol.org.uk/2007/03/hsbc_rail_abandons_150000_leas.html#more

The nominal payment sees Island Line operator South West Trains take possession of the units. SWT owner Stagecoach has previously paid rolling stock leasing company HSBC Rail £150,000 a year to lease the carriages , much of which was reimbursed by the government , making the eight and a half mile route one of the most heavily subsidised rail lines in England and costing the taxpayer 77p for each mile travelled per passenger.

The Isle of Wight rolling stock arrangement was cited by the government in June 2006 when it prompted the Office of Rail Regulation to conduct an enquiry looking at whether or not ROSCOs were overcharging train operators to lease aged carriages that previously belonged to British Rail (Transport Briefing 28/06/06). In fact, the Class 483 rolling stock running on the Island Line originally entered service with London Underground in 1938. As a result , HSBC will be glad to have distanced itself from charging to use vintage trains in the event of future scrutiny of leasing costs.

Island Line is served by six 2-car electric trains which run 68 services a day between Ryde Pier and Shanklin. Each unit is capable of covering up to 70,000 miles a year. The trains will now be repainted in heritage colours , as will stations at Ryde , Brading , Sandown , Lake and Shanklin.

My impression was that it's 150k for each 2 car, which was why as they were approaching 60 years old it was a tad embarrasing.

Although it's not entirely clear how other funding arrangements for refurb is going to be met as it was the responsibility of the ROSCO.

SWT must now make a strategic decision on whether to maintain the old stuff, or replace with more up to date redundant LuL stock, if available.