One of the most important lines in Station To Station is "It's too late." Repeated dozens of times:

It's too late to be grateful
It's too late to be late again
It's too late to be hateful
The European Cannon is here.

Coming at the climax of the song, "it's too late," because of this placement and repetition, is the main idea.

But, exactly why, and what is it too late for ?

Bowie says "there are you" to one driving from station to station. This person is carrying the cross with the determination of a locomotive.

However, the Thin White One is "lost," by his own admission, stricken. He is moving, from Kether to Malkuth, in other words, deluded by grandeur, cocaine and occult mumbo jumbo.

Bowie is obviously contrasting one who is saved, with one who is lost.

As soon as "love" is mentioned, Bowie sings "it's too late."

We can only conclude that the Thin White Duke is singing a song of his own damnation.

"Drink, drink, drain your glass, drain your glass high" Bowie sings, but it's a hollow, worldly victory.