Go for FLAC, choose maximum compression (level 8). Note that you won't lose
any quality (MP3 is indeed a whole different story).

I've digitalized my complete music collection (998 CDs) into FLAC and stored
this on my media server (don't forget to take a backup as well). My CD's are
now stored in the attic and I have plenty of room free now in my cupboards.
Also I no longer have to fear CD's starting to deteriorate. 

I also did a conversion from FLAC to MP3 (with quality loss) to play music
in the car: 2 x 32 Gb USB sticks can hold an enormous amount of music. Using
FLAC in the car (at least in mine) would be a waste of storage space unless
you have a limo with high end speakers and ditto amplifier.

Have nice weekend,

Chris.

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