Rail Travel Spain

Only you can do the maths. comparison. There is little likelihood a pass from any agency will be better value than discounted purchase in advance of point to point tickets from the national rail company. Read one of the many guides to understand how to purchase discounted tickets, like - http://www.seat61.com/Spain-trains.htm#How_to_use_www.renfe.com
- use dates in the near future which have the 60% and 40% discounts to compare against whatever pass - and, yes, do not forget those supplements.

No. Your best deal is to get a senior discount card (5E two years ago) from the first rail office that you see. It will give you a 40% discount on weekday and 25% on weekend travel. This is off the walk up price so no need for advance purchase. Second, no reason for first class travel unless you absolutely need the small extra space.

The best deal is Web fares (60% off), not senior discount (23% - 40% off).

I bought a Tarjeta Dorada (Senior Pass) for my travels in Spain last October and then point to point tickets. It was far more economical than any train pass. This year, however, I bought advance sale tickets on line and saved even more over what a rail pass would have cost me. The key is to remember that the tickets go on sale at the RENFE site 62 days prior to the date of travel. The most discounted tickets often go very fast.

If you buy early enough to get more than a 40% discount off regular fares, you will save some money. On the other hand using the Senior discount allows you to get close to those fares without having to book two months in advance. It depends on how much you value flexibility.

The "best deal" is relative with little meaning by itself. The cheapest ticket is the web but it comes with restrictions and min flexibility. IMO, the best deal for flexibility and pricing is the senior card since you can get the discount anytime and never sells out.