Will a $700 turntable outperform a CD player?

I've been back into vinyl for a few years. While I do stream, I prefer the physical medium. That's just personal preference. , and that preference differs from day to day, and what kind of listening in doing. The more fixed I am on the music, the more I lean towards vinyl. 
     I still buy CDs both online and in person. But I prefer to buy vinyl in person for inspection , as my online experience has been more inconsistent than with CD. Also, if something originally came out in analog,  I tend to prefer it on that format. Jazz I prefer on vinyl, but classical on CD because of the noise floor. But I will buy jazz on CD still, as there is some superbly remastered stuff out there for much less cash than the vinyl counterpart. For me it's not either/ or, but having the ability to take advantage of the best option at the time. 
    Cheap digital, say at the 300 dollar mark, will almost always outperform a cheap vinyl rig. But overall, my best sound on my system is on my best vinyl, but that rig is 5x more expensive,plus the cost of cleaning machines and various accessories.  So good sounding vinyl is an investment and a labor of love. To me it's worth it. I'd do some things different, but I'd do it again. 
    Lots of good advice from previous posters btw. 
      
     

One more consideration. Do you live in an area where there is a lot of vinyl available? If you live in a large city, with plenty of record stores, you may be able to feed the vinyl habit easier and quite possibly cheaper. This will probably matter less if you are collecting primarily rock or pop, but jazz and more esoteric genres tend to be more prevalent in larger metro areas and/or more affluent areas, and  those arty-hip ones.
    To me part of the allure of LPs is hitting the record stores , preferably with a friend. At first I shopped thrift stores, but found them to be not worth my time and effort. ( I did hit one store at the right time once, and picked up some real gems,but only once).Of course there's always online purchases, but I personally find them a bit more risky, unless you purchase new. Even then one has to hope the delivery person doesn't leave them in in the sun if the weather is hot.