Just wondering...

mb1audio02 

I'm B.S. on applied math and statistics. The difference between me and MBA that I shuffle numbers in my head on flight and MBA in computer or calculator.

I know how much all electronic parts worth and therefore I don't need to get this information from manufacturer. The figures I wrote for DAC is very-very maximum of what you can possible think of building. So considering profit and labor DAC can't possibly be more than $5k and for these $5k in pro-audio you get HUGE variety of settings and adjustments and with multiple inputs for integrating more than one digital source. 
If such $32k DAC offers that, than it's actual NEW price is fair to be at or near $5k.

"I would rather buy used a 5 year old DAC possessing a robust power supply and excellent analog output stage than a new DAC at the same price point."

Perfectly stated. 

Best to you mesch,
Dave

" I'm B.S. on applied math and statistics. The difference between me and MBA that I shuffle numbers in my head on flight and MBA in computer or calculator.

I know how much all electronic parts worth and therefore I don't need to get this information from manufacturer. The figures I wrote for DAC is very-very maximum of what you can possible think of building. So considering profit and labor DAC can't possibly be more than $5k and for these $5k in pro-audio you get HUGE variety of settings and adjustments and with multiple inputs for integrating more than one digital source.
If such $32k DAC offers that, than it's actual NEW price is fair to be at or near $5k. "

I'll admit, your method does have some appeal. You get to be right and nobody gets to question you. I'm sure if we could all read your mind, we would be bored with our own.

Parts can be very expensive if one wants to build state of the art. For example,  silver output caps made by Duelund will cost $1000 alone. What about high quality transformers, wire, film power supply caps, silver wire, and on and on. A nice chassis can be very expensive with circuit boards and parts isolated from each other and vibrations. Quality IEC, RCA and other jacks can also cost hundreds. 

Now that is only one part of the cost equation.  What about all the time and testing that went into the DAC? I know of designs that have taken two years. Some take more.  What about all those labor hours? What about the education level and expertise of the designer developed over many years? What is that worth?  I have not even mentioned real business costs beyond parts and R&D design. 

So we have all these costs, high costs, poured into a DAC that will garner the interest of a very small group of potential owners. The cost must be spread out over this small group of future owners. Yes, we can see why SOTA gear including DACS can indeed cost $15,000 -$25,000 after mark-ups etc...

Pro Audio Dacs = True to the source as best they can do 
Hifi dacs = Lets make a dac sound different than neutral 
Lets make a fancy case . Charge even more for this !
Skies the limit on what to charge !
Make it sound silky smooth - Charge even more !