Are DAC's overpriced?

External DAC's are pretty expensive imho... BUT I don't know that much on how to choose one. I want mostly cd's in my small two channel system... I am rebuilding after selling my Logans and Mac amp to go back to "drivers"! The Logans wore me out with Maintenance.  Should I buy a new cd player or get a new DAC for my old player?  
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I have to disagree with billwojo and say that DSD CD decoding as done by the Marantz Sa-10  is better. To say they 'don't compete 'is true. The DSD decoders are better. no competition.
There are some good sounding low cost DACs and some not so good expensive ones. But the best ones seem to be fairly expensive. As with most stuff. 
R2Rs are back on the market from Analog Devices. Schiit is using them in almost all their DACs as an upgrade.
Now, i'll debate that they are hands down better. I had a new schiit BiFrost MultiBit (R2), a MSB Gold Full Nelson, and a Theta DSPro Gen 2 - and we listened side by side, back and forth.  Frankly, different but very, very close.  People worry too much about chips and not enough about execution-  everything from digital filtering to power supplies to jitter reduction etc etc
I should add that all three, on good sounding CDs, were quite excellent. On bad material, well, GIGO.  The MSB was probably the most dynamic. The Schiit and the Theta had a strong family resemblance, a more laid-back presentation, and therefore maybe friendlier to poor material, with the Theta having a bit more heft than the Schiit. Then again it was $4000+ when it was new, and the Schiit is $599, and power supply and analog stage design have changed little in the interim.
I expect that a better source with truly low jitter could have changed the outcome - and made a bigger difference than choosing any of the DACs over each other.  I would like to ( and will) compare the same CD through the Schiit played over USB (asynchronous, DAC clocking) and a run-of-the-mill transport (synchronous, transport clocking).  I expect that will be enlightening.  The Schiit alas, is not mine so it takes a bit more doing.