Will a new Dac improve the sound?

People sometimes overlook the A in DAC.  The analog side is just as important to the overall sound.  While I'm not personally a fan of tubes, they are an example of how much the sound can be affected by the analog stage. 

However, the digital side controls your digital flexibility wrt input connectivity, sample rates, bit depths, and the initials - DSD, MQA, etc.  I'm guessing these things are less important to you now, but will come up when you tackle streaming. 

I was curious about one thing.  Your Cary decoded HDCD, a precursor to MQA.  Do you have any HDCD CDs?  If so, you may want to consider an HDCD-compatible DAC.  I don't know if there are any still currently in production, so this would likely have to be used.

No, i do not have any HDCD Cds.

Went through parallel quest 27 yrs ago, I tried a Theta Prime, Pro Basic, with Magnavox CB650 as transport. Unsatisfied with the outcome, added a full set of Conrad Johnson Premier and VTL deluxe, both full pre/power combination. Tried 2 x Krell KSA250 and vertical bi-amp. Rotated loudspeaker of many flavors to come to the realization that room acoustic was the final frontier. 

Read a lot of books and tested various passive room treatment. Still have various acoustic softwares until I came across a product name SigTech. Denis Doyle came and gone with a total of 4 units of SigTech, 1 for music room and 3 for theater, I’d learned that the combination of passive room treatment, speaker placement, and electronic room correction out weights ANY equipment upgrades in my life long pursue for good fidelity.

My humble suggestion is to look into room correction processors. Currently I’m using QEDX in three separate systems. The beauty of this is that it is a Dac, digital crossover (for subwoofer), and pre-amp. Three birds in one stone.

@garypick 

I just upgraded my DAC from a 2017 Meridian Explorer 2 (well-regarded desktop piece at the time)

Tried two different replacements. First was the new iFi Zen Dac Signature v2. Instantly audible improvement in all respects - five years of technological progress at desktop level. It could be an inexpensive “experiment” to see what passage of time has done to DACs. Probably need to check inputs to insure compatibility. I think easy to return if bought off Amazon - falls into the “why not try?” category of experiments

Second was Benchmark DAC3 HGC. Reaction: “oh, THAT’S what a DAC is supposed to sound like”. Not going to bother with all the adjectives. Kept it, love it.  More than your budget but I think DAC2s may be going for the right price (most of my rig is 2nd hand). Again, check connection compatibility. No MQA, to the extent you are looking for that feature. Many, many choices at that price level, of course

I use Roon/Tidal, so can’t comment on CD transport stuff, or differences between digital outputs

Haven’t done much comparison on cabling - I use Kimber “Ascent” level (2nd level from bottom) for everything - good materials, well constructed - seems sufficient to me. Let’s me keep cabling to 10% of system cost. If it were me, I’d just buy I new CD player (incl DAC) at higher budget, rather than redo cabling

Let us know what you try along the way & what you decide to to!

Have a great day

Get a used or new MHDT Atlantis R2R dac, or Pagoda if in price range. Get adapters to use 6dj8 family tubes in the 5670 sockets, and get a nice 6922, ecc88, 7308, 6n23P, CCa tube for the output buffer. Your CDP will sound more amazing than you ever imagined. Buy a really good s/pdif cable, Enjoy.

Phil