Thank you so much for all the feedback, good points and schools of thought. I'm glad to hear many don't buy a spare. It does make sense not to wrap up money in a spare and instead buy a variety. A locomotive 10 years ago re-released today more than likely has more features so that is something to look forward to instead of buying a spare. And skimming through the catalog for the re-release or a new locomotive is more fun than buying one I already have. I think that is a good school of thought and what I'll do.
However I do completely understand the peace of mind having a spare, especially for the one you like the best/run the most or matches your layout scheme. Maybe the day I have all the variety of locomotives I like and not looking to add, then add a spare. But i'm guessing that day doesn't come does it? haha