The following is my experience, and where I think more money makes the most difference
Most important -- good amp/preamp
Next -- good speakers
Next -- wire
Next -- cd player
If items 1, 2 & 3 are top-notch, you will notice the difference in item 4.
For me, high quality sound can be found if you spend 2K on electronics, 1500-2500 on speakers (less if used, and it's hard to get high quality for under a grand), 500+ on wire (but at least 250) and 500 on a cd player.
So the cd player is probably the best bang for the buck. I.e., you get a lot without spending a lot, while that is not the case with other components.
Most important -- good amp/preamp
Next -- good speakers
Next -- wire
Next -- cd player
If items 1, 2 & 3 are top-notch, you will notice the difference in item 4.
For me, high quality sound can be found if you spend 2K on electronics, 1500-2500 on speakers (less if used, and it's hard to get high quality for under a grand), 500+ on wire (but at least 250) and 500 on a cd player.
So the cd player is probably the best bang for the buck. I.e., you get a lot without spending a lot, while that is not the case with other components.