A methodology that combines simulations of long-term mechanical degradation including maintenance interventions with an assessment of the associated socio-economic impact is proposed. This development responds to an urgent need within the railway sector to enable the evaluation of maintenance strategies from a LCC perspective. The functionality of the methodology is demonstrated in an investigation of rail grinding strategies for a curve on the Swedish Iron-ore line. The results indicate a reduction in LCC of 50% when using a harder rail material (R400HT) combined with annual rail grinding as compared to a softer rail material (R350LHT) and two grinding campaigns per year.