Best DAC for around $2,500 or less

How more on you getting for 2500 that you can't get for half that say an RME ADI2 and then how much better is that over a Denefrips Ares or Topping D90?  Is it worth going to higher priced units?

Chord Qutest is a very nice sounding DAC and worth a try.

I would throw the Bryston BDA-3 into the mix (if purchased used) as it does everything well with all kinds of music.  

The Chord Qutest is the one you need. For much less money, a used Hugo 1 is as good but be prepared to replace batteries every 2-3 years.

The sound quality above a certain level - when all niceties which can mess up the sound are avoided - comes down to the DAC-chip(s).
Everything "Delta-Sigma" is internally upsampling, downsampling, interpolating and "improving" your signal.
The other way would be to have non-oversampling DAC chips, which are not "filtering" or otherwise "improving" your signal.
While many non-oversampling DACs use vintage chips - which can be very musical like the TDA1541 - METRUM ACOUSTIC developed their own modern non-oversampling chips which allow 24/382 "DXD" resolution.
Listening to 2L highres recordings in DXD resolution is quite something.
So my recomendation would be a Metrum Amethyst for +1 1k or the Metrum Jade which is a digital preamp with loudness control (without loosing resolution quality in the process).
I have the Amethyst and it is what a tube amp is to SS.
Not "in your face" but just realistic and relaxed - and with grunt when need be.

Ear Yoshino DACute 192

I like my Brooklyn, especially for the money.

I agree wholeheartedly with jjss49 comments, Chord Qutest is the route to go. Whilst I am not familiar with some of the DAC's referred in this blog as I'm in UK, I undertook considerable testing with a number of DAC's some costing double the Qutest price tag and for me, it still came out on top. It also offers the sonic characteristics you are seeking because neutrality, timing. clarity, depth and space i.e. the same sonic characteristics of the Benchmark you refer are in abundance in the Qutest and whats more, it will save you some money. I've done some investigation in the last hour on other DAC's referred in this blog and nothing I have read changes my mind that Chord Qutest is the route to go. Don't take my word for it though, go test it against Benchmark's DAC2, Wyre4sound DAC-2v and others and if testing doesn't allow in current Covid-19 environment, buy the Qutest with confidence from a reputable & trusted dealer you know on the basis of home trial and if not convinced, return it.I bet you'll be throwing the box away within an hour.

While I have no idea if it’s the “best” under $2500, I too have been mighty impressed by the RME ADI-2. It is really smooth and detailed and comes pretty damn close to my PS Audio DirectStream - the PS Audio is more analog sounding for sure, with better scale, but in other aspects I have to strain to hear the difference. It’s impressed me much more than the Ayre Codex I had a while back. Need to try it with a better power supply, I suspect it may help the bass and scale. Review forthcoming.

I also have the AM Tubadour and love it.  I would use coax over optical. 

Thanks everyone for sharing their thoughts and recommendations.  It's been an educational experience.  I ended up buying an Audio Mirror Trubidor III used here on Audigon just now.  For now, the Node 2i will be the streamer until I'm able to update that to a dedicated streamer.    What is your preferred method to hook up your digital source to your DAC?  From the Node it looks like my options are either Coax or Optical.  I think I'll go with balanced XLR's from the DAC to the pre-amp.  

I'm very happy with my Exogal  Comet Plus

The Exogal Comet is considered a high performance digital to analog audio converter playing up to 32/384k and DSD.The Comet does everything l like my DAC to do, including balanced and unbalanced analog outputs, digital volume control and asynchronous USB input. I bought mine as a demo for $2,000 with optional power supply

Lampizator Amber 3. I have compared it to the Yggy and it's no contest. 

For stereo output the Sonica and the 205 are identical.  The extra chipset and processing power only come into play with multi-channel playback

Another component purchasing strategy is to continue to buy used/try/sell until you find a DAC you like.  This will take time, effort, a little $ (shipping costs, tax..), but may lead you to audio nirvana.  

These previously mention DACs have multiple favorable reviews:
Mytek Brooklyn DAC
Benchmark DAC3
Schiit Yqqdrasil

Also good reviews:
HoloAudio Spring DAV Level 3 "Kitsune Tuned Edition"
ifi Audio Pro iDSD DAC

If you can spend up to $3k:
PrimaLuna EVO 100 Tube DAC

I'm not confident you can find a Denafrips Terminator used for $2.5k, but if you do get one it's also worth purchasing the dsp upgrade card ~$220usd at  https://www.vinshineaudio.com/shop

Yes, you can also shop used - that's where I purchased my Denafrips Terminator. But because audio digital technology is growing/changing rapidly, the newer digital components commonly outperforms the older tech stuff - building on what was learned before.

Unless the Oppo Sonica is better than the 205 which I own, the RME ADI-2 fs is superior. It’s not just a different sound, but cleaner, smother, bottom end more extended and controlled... better all around. I have not heard the Sonica so it might be better than the UDP 205, but if the same there’s better for the money.

I had a Yggy upgraded to Analog 2 with the USB Gen5 and also had the W4S DAC2DSDSE upgraded to 2v2 and vastly prefered the W4S.  A W4S trade in can be had for $ 2000.  I think it is a steal. 
I now have a Terminator and it way outperforms both.  I am intrigued by the tubadour-iii-non-oversampling-tube-dac but I have found you cant get a $ 5000 DAC for $2500 unless it is used.

Under 1k.  Find a used Oppo Sonica.  Measures well, has a big power supply, and uses top end chips.  

Lampizator Amber 

I compared the Yggy to the Mytek Brooklyn DAC+ and choose the Mytek.  I firmly agree with crn3371 when he says "A lot will depend on your listening preferences and synergy with the rest of your components".  If at all possible, arrange for an in home demo; it's impossible to determine which one is the best for you without one.

Sorry folks, I'm an idiot.  The amp is a Parasound A21.

Buy used.  I bought a BelCantoDAC 3.5 with its VBS1 (virtual battery) for $1500 on Audiogon.  This DAC is extraordinary, beautifully clear, never bright or digital sounding.  Highly recommended.  The amp it works with is a Threshold A21.  

Chord qutest. Fantastic. Very analog sounding. 

You might be able to snag a used Lampizator Amber 3 in your price range. Otherwise, the Audio Mirror Tubadour is an excellent suggestion. I had them both, and they are very close in performance.

I suggest the Ayre CODEX DAC.  The CODEX DAC has many design features not commonly found in a DAC that retails for $1,795.  One is a pure analog, linear power supply instead of the more commonly found switching power supply.  

The CODEX DAC has "A fully-balanced signal path throughout the analog circuitry provides an inherently clean and quiet backdrop for your music. The zero-feedback design maintains all of the pace and rhythm of your favorite artist, rendering your digital music as effortlessly as if it were live”.   Please see this link:

https://www.ayre.com/products/digital/codex/

I am very partial to my Benchmark DAC 2 HGC but I have not had the opportunity to compare it to any other DACs in this price range.

I prefer FPGA dacs.  if if you don’t need balanced connections and can deal with limited inputs  I would look seriously at the Chord Hugo 2.  Definitely a step up from the Qutest and you can attach the 2Go streamer.  Works as home or portable.  

Keep in mind beyond the price of a dac is the cabling, power cord, shelf, isolation costs then it goes into a preamp which may or may not be capable of showing the dac off in the best light
I have an Oppo 105 which I bought exclusively to listen to SACD/DVD-A discs. A couple years back my red book player (used as a transport) died and while I was in search of its replacement I used my 105 for red book too, via Silver Surfer XLRs to my preamp/dac.


I came across 2 105 upgrades on Ebay; one being a Furutech rhodium IEC with pure silver tail that attached directly to the OEM power supply. Seeing how easy it was to pop the top and how pathetic the OEM PS is, I then replaced the OEM PS with an aftermarket that has a large toroid and much better parts (~ $200).


Eventually I bypassed my Marantz HD CD 1 and my preamp and use the 105 for red book too. Sounds great and for about a $1000 less than a dac, let alone all the ancillaries
Another big improvement was replacing the Silver Surfer XLRs with WireWorld Eclipse


hth

The Schiit GUNGNIR Multibit sounded so good after 2 weeks I upgraded to the Yggdrasil. I couldn’t be happier. 

RME ADI-2 fs is an outstanding DAC. Remarkable what this thing does and how wonderful it sounds for the money. Was using the DAC in my Cambridge 851C with SR Black fuses and it’s no slouch but the RME is just better across the board. Even out of the box the RME pulled away from my Cambridge; by comparison the Cambridge sounds harsh and it’s not. Highly recommend regardless of the price. $1,099 new from BH Photo.

What a BS statement, belying a BS thought process and a BS attitude.

Really, now your showing your ignorance, if you don’t think specs and measurement can’t aid and assist one to getting the right equipment for their purpose, then you can't see the forest for the trees. 
Yet first thing I saw, you obsess over measuring your own amps biasing. Can’t have it both ways sunshine. Bet I can find more wonders if I tried..

So many current dacs of today sound hyper detailed and not natural at all. Get yourself an r2r DAC or something like the Yamamoto that I have. In my opinion, it sounds more like real music.

Find yourself a used Yamamoto YDA-01.

Was around $2,400 NEW.

Get one around $1K.

LOVING mine.

MHDT Orchid. Roll into a WE396A D getter. Once you go tube you’ll never need lube. 

jjss49
The measurement thing is such a red herring.

I have never yet met a hiend Audio Equipment Designer that wasn’t also an Audiophile.

Every decent piece of audio equipment that you listen to that impresses you, has been painstakingly designed by electronic engineers/audiophiles that use EE laws, measurements, specs and use test bench gear to design those pieces.

Then it is listened to and if not liked they change and re-jig those specs and laws and figures to get to their final released product.

And if you can understand those specs and measurements, it can be a great aid when purchasing and what to listen for.

If your or the equipment your buying wasn’t done this way you are listening to BS voodoo snake oil products.

Cheers George

I don’t think you can go wrong with any of the Benchmark products. Check the connections and capabilities first. They are an even better value on the used market, usually under $2K. I have heard good things about Schiit products, but I have not owned them.

Border Patrol DAC SEi

I've often found that my enjoyment of a product is inversely correlated to how it measures (at least traditional measurements like THD and signal to noise). The only measurements that I've found to be at all meaningful in my evaluation of audio products are input and output impedance, and speaker waterfall charts.

The impedance numbers give some indication of likely compatibility between components. I'd never purchase a speaker based on its waterfall chart, but if there are obvious ringing or decay problems, I won't waste my time auditioning them because this does tend to correlate to my likely enjoyment of them.

Oscilloscopes don’t enjoy music, so I don’t go exclusively by measurements unless those measurements have been proven to agree with my enjoyment. Few have.

Couldn't agree more.  The measurement thing is such a red herring.  This is about music, how it sounds, how it pleases and brings joy.  What does measurement have to do with it?  We all have ears.

I have a Topping DX3, the Mytek Brooklyn is far better sounding to my ears. Both measure exceptionally well.

Oscilloscopes don’t enjoy music, so I don’t go exclusively by measurements unless those measurements have been proven to agree with my enjoyment. Few have.

The Brooklyn Bridge is just a little more than your budget and comes with built in Roon client.

RME ADI-2 DAC. Best kept secret.

MHDT?

Sonnet Morpheus. (A little more expensive but a killer deal for the price)...

If you go by measurements get Topping E30 and spend the rest of the money on something else :) 

The Wyred is pretty laid back. Good or bad.