DAC for carousel cd player?

Does the Pioneer have a coax RCA digital output? If so I recommend using that instead of the toslink (plastic) optical output. The best optical digital outputs are glass fiber. Toslink falls short! A 75 ohm 1.5 meter RCA cable will sound much better than a toslink!

Thank you @soix and @jasonbourne52!

I will have to use the toslink to connect the dac to my cd player. I have it narrowed down to the Schiit Modius and the Cambridge Audio DacMagic 100...Can't thank you all enough for your advice and recommendations! Big help, which unit do you think?

I agree that a new inexpensive DAC would make for an improvement. Might look for a used one having the characters soix recommends.  MHDT DACs have this, having a a tube output buffer. Known to be very smooth sounding DACs. 

a used MHDT Istanbul is on sale at audiomart, R2R, tubed great sounding DAC  600.00

The DacMagic 100 was introduced in 2012 and as far as I can tell hasn’t been changed since then.  It may still sound fine, but nine years is an awful long time in the digital world, and as good as it might still be I’d put my money on a new design by Mike Moffat in the Modius.  FWIW.