A moderate priced dac


I borrowed a musical fidelity tri vista 21 dac from a friend and I was very impressed with the sound compared to my parasound p5 pre. This dac is over 10 years old. Has the technology changed enough that a moderately price dac can compete?Any suggestions?
audiomaze
My experience on DAC choice: I bought a McIntosh D150 one year ago. I have done countless comparisons Bluesound Node 2 + D150 + Amplifier vs Node 2 + Amplifier. I am not able to hear any difference. For my ears, with my speakers and amplifier, thje Node 2 DAC is as good as the D150.

So my advice is: compare the two DAC (old and new) on your system before buying it.
I purchased a Schiit Yggdrasil (2300 USD) about a year ago, a fairly inexpensive unit; it's a fantastic unit.  However, I sold a Monarchy 22B,  (always ran in balanced mode) which the Yggdrasil replaced.  It sold for 1100 when new in the early 1990's, Sold for 450 USD on ebay.  The Monarchy 22B was (is) an outstanding performer, and has a superior build quality to ANYTHING near its price of 450.00.  
There are lots of great recommendations and I appreciate all but there is no answer to the question " Has the technology advanced enough to make a present day moderately priced dac superior or equal to the more expensive MF tri vista?"

I would say yes..... I have had $500 DACs in my System and in seeking better performance, I have had Multi Thousand dollar DACs (Highly reviewed and drooled over) A/B with Audiophile friends. They were ’straining’ to hear differences. And when the Test was over they were picking about 50-50... IOW Just Guessing.... IMHO - this is one component that you can save money on... Concentrate on Speakers and Amplifiers and Room Acoustics.  BTW - Don't interpret my remarks as "All Dacs are equal". Just interpret it as Shop wisely, and don't throw money at the problem... I would say $500 is enough.
Thanks Cutthroat and everyone else who shared their experiences. Lots of sound advice. 
Audiomaze.