Parasound newclassic 200 pre or a Halo P 5?

Wow, lots of good advice!  I also came to the conclusion that buying used, I can't get too badly burned.  In my searching, I've come across a P6, which is the current offering, for $950 vs $700 for the P5, new P6 retail is around $1500, so it seems like a good price.  P6 supposedly offers a better DAC, better volume control, extra optical input and higher gain for MC phono over the P5. Again, thanks everyone for the input!

Do you need analog inputs? What amp will you be running it into? Might be better off with just a good DAC with volume control depending on the above. 

Yes, I think I want analog, and phono inputs; but maybe I should rethink.  Any suggestions?  I have a pending purchase of a Parasound P6.

Well if you want analog and phono its probably not the best idea but if digital only I can reccomend the RME ADI 2 direct into power amp. Also has very transparent EQ so you can taylor to your tastes. If only digital no need for a Preamp at any price unless you want to color the sound in some way with say a tubed pre. 
I know one guy on here that was using a pricey Modwright preamp and is now going RME direct. I'm sure there are other dacs that may be just as good doing this. 
This dac or many others in this price range I believe are going to be way better than whats in the P6. 

Both excellent.  P5 advantage is the variable sub control.  200 has two sub outs.  One is 80hz the other is full range.  This is hokey but otherwise great unit.  They sound nearly identical.  Both use Burr Brown DAC.  The P6 scares me.  Too many reports of a runaway volume control.  The P8 was coming but the new owner canned the project.