You will save yourself a whole lot of money and headaches if you collect CDs over vinyl, but records are special. I definitely would not spend money on downloads, unless no physical material exists for that artist. It really depends on how you enjoy music. If you are home a great deal of the time, vinyl is fun if you have a decent set up. If you are on the go and home very little, you might consider CDs that you can rip to your phone or mp3 player. Also, vinyl is very heavy after you accumulate a good bit of it. You also need decent shelving to hold it all or crates. CDs are much easier to move around and store. I have found that CDs that I rip to my computer and then transfer to my phone sound much better than streaming audio. But I don't have any interest in maintaining a cd collection, only vinyl. Good luck and have fun!

I should have said that CDs are slowly gaining popularity again, but you can still find them pretty cheaply at garage sales, thrift stores and even record stores. Also check listings for record shows in your area because there are usually vendors there and most will unload them cheap unless it's something really rare.

Im Gonna be the little devil on your shoulder and say… go straight into vinyl. I started collecting over 10 years ago and it’s my pride and joy. Each record has history… from shows, to parties, to past relationships… some of them I’ve gotten signed and looking at them and playing them brings me back to those times. They’re my favorite way to experience music.

Used CD’s are so cheap at the moment. Might not be like that forever though.

50s-80s stuff I’ll try a get a good vinyl pressing. More contemporary stuff I just get the CD.

Vinyl can be a hassle though.

I have hundreds of CDs and I think the format is mostly awful. They're prone to scratching, the jewel cases fucking will break, and switching discs in your player is a bit cumbersome. If you want to digitise your collection though, CDs are a good way to go. Plus you'll have a physical copy with artwork and liner notes—those can be fun to flick through.

Vinyl looks better and (for a lot of material) has a better sound, but it's very inconvenient if you want to play a song on a whim.

Bandcamp sells both formats along with digital albums and it's the best way to put money in artists' hands through digital album sales. You might find their selection too limited though, especially if you mostly listen to popular mainstream artists.

Buying digital albums or ripping CDs means that you have complete control over your digital library and can use any music playback software you like. This is really handy if you value perfectionism in your library management, but frankly if you're just starting out then you're liable to make some mistakes as you learn. There is a lot of useful free software out there for this.

iTunes has a massive catalogue and you can find nearly anything on there, but they pay artists a pittance and their proprietary library management & file format are bollocks.