"The railway project people in
Aberystwyth really want is the reopening of the line to Carmarthen and the south Wales main line," he said. "But that is massive, massive investment."
About £755m to be precise, according to a
feasibility study published in 2018.
Travelling between Aberystwyth and Carmarthen on the train currently takes about six hours compared with an hour and a half in the car - and the line is one of many across Wales people want to reopen.
The Welsh Government states railway infrastructure is the UK government's "responsibility" and Mr Waters said it was money ministers in Cardiff Bay "don't have".
It is hoped the new station could reduce traffic pressure in Aberystwyth
"I understand the strong wishes to do something to reinstate it," said Mr Price. "But people will also understand that at the minute the significant cost involved."
But Transport for Wales engineers are looking at "slightly different railway technologies" to reinstate routes in "a more cost-effective way".