Benefit of DAC? Thinking of Bel Canto 2

I just refurbished my dad's Marantz 7 & 8B system and am grdaually upgrading the rest. I've got a carousel CD player and am wondering, should i upgrade the player or get a DAC?
if i get a good single disk player, like say an accuphase, do i still need a DAC?
Cedar- Following suit with the other guys...My Aloia 11.01 CDP has a crazy good transport and as an all in one- NICE...That unit goes for $2400...My Scott Nixon Tube Dac and power supply set me back a cool $600...Stereovox HDXV dig cable- $100...Fair price- VERY GOOD. good luck, brent
I've found this decision about the digital source to be a tricky one. The shortcomings of a good CD player usually are manifested by listener fatigue. The fatigue comes from harmonic distortion, imbalances at certain frequencies, or some other subtle trait. It takes time to become aware that something is wrong.
Accuphase makes some excellent CD players; and there are other good manufacturers, too. I think Accuphase would be an excellent choice. No, you would not need a DAC then. But you still might want one.
Most audiophiles enjoy the process of "upgrading" their system. I like to experiment in that way. I worked my way up to a Levinson 37 transport. Then, rather than change to a different transport, I began to have it improved - better internal wiring, better output transformers, etc. These changes have improved the music considerably. The Audio Horizons tube DAC I am using now is so good that I have lost my interest in changing that piece of equipment.
Perhaps it comes down to what you enjoy about this hobby. If you are content to listen to good music without making equipment changes then buy a CD player. These discussion forums contain many reports and opinions about various players. On the other hand, if you want to experiment with equipment while you listen, then make sure your source has a digital output.
Cedar, you're great. As you can clearly tell, this is a new hobby for me and frankly, the threads can get overwhelming, not to mention the costs. I appreciate your input.
oops, meant to address my comment to lilavine and not mr. cedar...just change the names :)