How to analyze this sentence?

A. I've decided on buying a new car, as opposed to keeping my old one.

my analysis on sentence A is as below.

Analysis 1

The gerund phrase "buying a new car" is modified by "as opposed to keeping my old one".

- "buying a new care is opposed to keeping my old one"

Analysis 2

"as opposed to keeping my old one" is modifying "I"

- "I'm opposed to keeping my old one"

I think that either analysis 1 or 2 works very well.

Which one do you think is the right analysis? maybe both?