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Self-guided tour versus a Tour Company

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My boyfriend and I want to travel to Spain in June for 10-12 days. We are thinking of Barcelona, Seville, Toledo, Madrid (not particularly in that order maybe). He wants to rent a car and do our own self-guided tour. I keep hearing that this may be more expensive than joining a Tour Company's tour which includes hotels, travel between cities and some meals. Does anyone have any experiences or have heard what may be better??? Thank you.
FYI: we are both spanish speaking, plan to spend probably $5000 without air.

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