I bought the original Ayre QB9 in 2011. In around 2017 I purchased an upgrade from Ayre and the difference was revealing. Around 2020 I purchased another upgrade from Ayre and the difference was astounding. At this stage, the Ayre DAC is so good that I had the opportunity to replace it but decided to put that money towards a better streamer/renderer instead. So in a discursive way to answer your question, a new DAC will provide improvements however keep in mind, a DAC bought today will be antiquated within ten years time. For $500.00, I must admit I’d have trouble finding a DAC that could deliver as I really don’t know about DAC’s in that price range.
Dac: Old vs New
I have older DAC's that sound good but I've had them for several years. Benchmark DAC 1 and PS Audio Digital Link III with Mods. Would a newer DAC from, Topping (DX-5), Schiit (Modi Multibit 2)or SMSL, be a SIGNIFICANT improvement in sound? Seems like the newer DAC's have way more resolution and transparency. I prefer those attributes in gear over warmth.