Thought this was helpful.

https://www.themasterswitch.com/audio-formats-explained

 

My rule is FLAC at home, high bitrate mp3 on the road.

 

That article has a lot of decent information, and a lot of shocking misinformation. I would suggest a look into the human jnd unit, objective tests and the challenges of perceiving fidelity in the automotive listening environment.

I have 1000's of .mp3's and they sound freakin' great. I use .flac a lot more now, because lower storage costs make it affordable. 24 bit, while great for editing in gigo situations, is an absolute waste of disk space for listening, especially in a moving Honda Fit.