The cd player is not more a suited hifi reproducer today.
The quality it's give you related the price is very low.
The new format you have to use is an usb device theat means:
Using a Teac Wap5000 costing 250$ you can:
reproduce internet radio also at 320kb/s
record it on HD
reproduce with media player selection by its graphic terminal of what you have ob hd/memory usb or connected wireless by your pc.
The quality of mp3 using its internal DAC is at level of cd player costing 500 $.
If you connect an external quality DAC, ie I use Harmony Design Dac costing 700 euro,you get with mp3 at 320 kb/s the quality of best cd player costing 2000-3000$
Test it before refuse it.
With wav files the quality is obviously better .