Preamp or DAC


Hello all. My system consists of the following:

Coda 16 Amp, Coda 07x preamp, Holo May KTE Dac, Aurender N20, Legacy Audio Signature SE speakers and a pair of REL 812 subs. I am considering changing either the preamp or Dac. I would like to go with tubes. Would you think I would get more sq change in changing the preamp or Dac? I am thinking Dac but I wanted to hear your opinions. Considering ARC, new Don Sachs or Aric Audio in pres and Lampizator or other in DACs. So, would the preamp or DAC make a bigger difference? I will say I have a $12k to $15k budget.

Thanks

backdoor

Thank you for your input. Interesting thoughts. I had always believed the preamp mad a difference in whatever system I had at the time. I have tried eliminating the preamp and it has not sounded quite right to me. However, I have not tried it with a Dac the caliber of pretty much any of the Lampis. 

@zlone by the way could you tell me your favorite of the preamps you tried please. Thanks. Looks like Pass 12 maybe?

If you decide on upgrading the preamp, look into Backert Labs. The Rhythm 1.4 is in your price range and it is fantastic. 
if you decide to upgrade DAC, I have a Lampizator. I just demoed 4 other DACs and have decided to stay with and upgrade to another Lampi. But if I did t want a vol control, I would be choosing the Aqua La Scala DAC that was so engaging. 

But also, the idea of splitting your budget into both pre and DAC could still lead to an upgrade in sonic performance. 

I’d start with the preamp for the biggest absolute level of improvement, and the Spatial Audio Raven (Sachs/Olson design), Aric Motherload, and Backert Rhumba Extreme would all be great choices and believe all three offer a trial period, which is huge especially at this level.  Best of luck.

by the way could you tell me your favorite of the preamps you tried please. Thanks. Looks like Pass 12 maybe

Yes, correct, the Pass XP-12 is my favorite to date. I will stick with this one for awhile.