Preamp or DAC


Hello all. My system consists of the following:

Coda 16 Amp, Coda 07x preamp, Holo May KTE Dac, Aurender N20, Legacy Audio Signature SE speakers and a pair of REL 812 subs. I am considering changing either the preamp or Dac. I would like to go with tubes. Would you think I would get more sq change in changing the preamp or Dac? I am thinking Dac but I wanted to hear your opinions. Considering ARC, new Don Sachs or Aric Audio in pres and Lampizator or other in DACs. So, would the preamp or DAC make a bigger difference? I will say I have a $12k to $15k budget.

Thanks

backdoor

Thanks for all the feedback. You have given me a lot to think about. The impedance issue for sure I had not thought about yet. Generally, there seems to be a split decision on preamp first or Dac first. Honestly, when I asked the question I thought the answers would be Dac first but many feel preamp will make the most difference. But then I do need to look at possible impedance issues.  

2 suggestions.

1. Aesthetix Pandora (tubes) w/optional volume control, replace DAC & pre-amp.

2. Meitner MA3 no tubes but includes volume control, replace DAC & pre-amp.

I would look at the Ayon S 5 network player. This functions as a pre amp, incorporates a Dac and uses tubes.

@audphile1 is correct about the impedance matching.

However the input impedance, single ended, into the Coda 16 is 50K OHMS. Balanced input, the impedance is 10K OHMS.

If a single ended preamp is chosen, the 50K input should be just dandy for the majority of preamps available.

Regarding the Coda 07X, I recently replaced mine with an Audible Illusions L3A. Purchased it on a whim never planning on it overtaking the Coda. Alas, it did. The Coda has way more remote control features plus gain matching the inputs is super great. In the end, the A.I. is sonically superior to my ears. Though losing the Codas input switching via the remote control was a bummer.....