Which lossless format?

I don't wish to go with a format that favours any one operating system or computer architecture, preferring a universal and versatile format. It's more about data preservation than anything else. I'd rather have 10-20 massive SSDs/HDDs than hundreds or thousands of discs and plastic cases. I don't have the space to store it all and online downloads for it are either dreadful quality and/or illegally obtained. It is the audio that evokes my emotional response and enjoyment, not usually the physical product I am holding. Although a few of my albums have beautiful artwork that enhances the experience and I probably would keep them. The uncertainty is why I have horded discs but not created longterm archival rips.

JWatson replied before I could. It is really easy to batch covert the old files to a new file type and preserve the metadata. It will take time if you have a large library but is much faster than re-ripping. After a test run on a couple of albums you could do the conversion in stages as I did rather than starting one massive batch. I recommend the new files go into a different folder.