After nearly 125 years of serving the monarchy, the Royal Train - once Queen Elizabeth II's preferred mode of travel - is set to be axed in an attempt to save cash.

New figures found that the nine-carriage locomotive, steeped in history and tradition, was only in action twice in the last year but those two journeys cost a combined £78,000.

The royals spent a total of £2.7million last year on travel by private jet, helicopters and rail, according to the annual royal accounts published on Monday.

As King Charles III attempts to "modernise" the Royal Family, the decision has been made to bid farewell to the famous train in a funds shake-up.

The man in charge of finances at the Royal Household, James Chalmers, known as the Keeper of the Privy Purse said: "The Royal Train has, of course, been part of national life for many decades... but in moving forwards we must not be bound by the past."

READ MORE: King Charles travels by helicopter for ancient ceremony after axing Royal Train

The Royal Family will continue using the train until the expiry of its maintenance programme in March 2027. Mr Chalmers added: "The time has come to bid the fondest of farewells as we seek to be disciplined and forward-looking in our allocation of funding."

Historically reserved for senior royals and special occasions, the Royal Train has become a symbol of regal legacy and discreet functionality. First used in 1840 by Queen Consort Adelaide, it later carried Queen Victoria - who was the first monarch to travel by train - on the now-historic route from London to Windsor.

It has since played host to generations of royals, from transporting Queen Victoria's coffin in 1901 to carrying the newlywed Charles and Diana as they set off on their honeymoon in the 1980s.

But while the train continues to hold symbolic value and prestige, the economics behind its use are becoming increasingly difficult to justify. According to royal correspondent Richard Palmer, a single journey is estimated to cost between £25,000 and £30,000. And in an era of tightening public scrutiny over royal expenditure, those figures are hard to ignore.

The train carriages would also need some costly upgrades so they could continue to travel on the modern-day rail network.

In fact, the carriages are a lot older than many of the trains which rail passengers currently use. The newest ones date all the way back to 1986.

The Royal Train itself is both luxurious and utilitarian. Painted in Royal Claret with the family's crest on each carriage, the train includes bedrooms, bathrooms, a 12-seat dining room, an office space, and even room for household staff.

Yet the interiors, while functional, are surprisingly modest. Former aides have likened some fixtures to ones you’d find at a local DIY store, and King Charles's private saloon - equipped with a sitting room, desk, and a full-sized bathtub - is known more for comfort than grandeur.

The train's usage has long been controlled by the monarch, with invitations extended sparingly. In 2018, Meghan Markle made headlines when she became the youngest royal to accompany Queen Elizabeth II aboard the train during a visit to Cheshire.

Its legacy has been showcased in documentaries like Secrets of the Royal Train. But with Charles's reign increasingly defined by streamlining and practicality, the Royal Train is set to be parked for good.

Two new helicopters have recently been delivered for the Royal Family and the King has concluded the train is no longer efficient.

And unlike public trains, the Royal Train uses more energy per passenger, making it an unsustainable way to travel.

It was said to be a favourite of the late Queen Elizabeth, who preferred to travel and sleep on it ahead of an engagement - rather than travel than stay in a hotel or have to get up very early and travel by helicopter.

Some of the former royal trains are now kept at the National Railway Museum in York, but it's unclear where this one will end up.

According to the BBC, the historic train will be taken around the UK before it ends its service, and it could then end up on public display.

READ MORE: ‘Game-changing’ 6-in-1 cordless pressure washer now under £65 in early Amazon sale