To DAC or not to DAC?

To state the obvious, the primary goal of a DAC is to make digital files sound analogue. Which ever DAC, CD player, streamer, etc... does this effectively is, in my mind, doing what's expected. Which then brings in to question the characteristic qualities of the DAC, i.e. detail, color or neutrality of tone, depth and width of sound stage, and so on.

I agree with Elizabeth that an actually listening test of the component connected to your personal hifi is optimal however, you still might be able to tell a lot by listening to it at the store.

What I cannot understand are the price tags on current DAC's given that they're all over the place. I'm still happy with my Ayre QB 9 DSD DAC (with tweaks) even though it's antiquated and it retailed for $3,500.00 new. A reference DAC in today's market, from what I can tell, could retail for as high as $20,000.00 or as low as $1,500.00.The question being, will the high priced DAC produce a better analogue sound than the low priced DAC?

An important part of the DAC is not just the filters but the quality and design of the output stage. This is the part that many less expensive DACs compromise on simply because well-executed power supplies and quality mosfets are expensive.

You can do your research and find out that something like an SMSL SU-8 is already on the verge of being totally transparent (if looking at measurements, look at version 2 of AudioScienceReview’s review). Unless doing heavy DSP, there really is no reason to spend >$500 on a stereo DAC. The SU-8 balanced is already super close to the Benchmark DAC3.

Thanks for all the quick and informative feedback. My local audio dealer is an elitist and generally condescending - not the best qualities for a retail environment, but I accept his personality and use his establishment as a well stocked, window shopping destination. So the prospect of a loaner or purchase at MSRP plus tax, aren’t very encouraging. Usually, after I experience the gear I’m interested in, I go online and hunt down the lowest price with no tax and hopefully no shipping. 

I chose to direct my digital outputs (MB100, OPPO 205) to the DAC in the MX122 because it was the newest/latest and I have good faith in Mcintosh gear. So, to refine my question - is a $3000 dedicated DAC going to make an obvious improvement over the internal Mcintosh DAC? 

@gwbeers 
 
The ~$1800 Benchmark DAC3B is basically totally transparent; so no, a $3000 DAC is wasting money. And again, there are DACs almost as good as the DAC3B that’s much cheaper.