Best Inexpensive DAC


In the last 12 months I have mananged to purchase a used ML27.5, used ML38S and a new pair of Thiel 2.4. I am broke, but I can't stand listening to my old Denon CD player form 1992. I do have a coax digital out on the unit, so I thought of purchasing an interim inexpensive DAC to get me by until I can get something a little better. Any suggestions?
dewinkle
I think the Perpetual Tech P-3A is an okay piece. I own one and it suits my needs. I recommend the Monolithic power supply, for protection purposes. With the supply, it will be under $500 used. My only complaint is that it is not in the form of a component. It looks more like an ethernet router than a stereo component.
Your approach makes sense, but beware possible shortcomings of the digital out from an old cdp. I did the same thing and used, initially, the digital out from a 1992 top-of-the line Harman Kardon, the HK 7600 11, which was Class D S'hile and cost $600 new back then. I thought it was ok until I tried the digital out from my new inexpensive sacd/dvd/cdp (Sony DVP NS-500V. UNBELIEVABLE IMPROVEMENT. You might try another transport for comparison, eg. a cdp from a friend, just to double check that the Denon is doing its job.
The fact that Cal Audio is out of business, you can get a great deal on an Alpha DAC. There are two versions, the newer is the 24/96 version. Both are excellent with some saying the original version is better. I owned one. This DAC will get tubes into you system and just makes digital sound right. I've seen them here on Audiogon for around $500-$600 bucks. Good Luck with your search.