I believe it is perfectly legal for you to “upgrade” your music/software by copying it from one format to another, provided you do so for your own personal use. Examples:
[ul][li]Copying an LP or CD to cassette to listen to it in your car.[/li][li]Copying an LP onto CD in order to play it on more modern stereos.[/li][li]Copying a VHS video onto DVD in order to play it on a DVD system.[/li][li]Ripping a CD onto your computer, listening there, burning mix CDs.[/li][/ul]
But, I’m not a lawyer - someone please clarify.
The only reason you would have to buy the album again is if the quality difference matters to you. I’ve got a ton of LPs, and many of them are just not worth buying on CD, but they’re worth burning onto CD from the vinyl. For music I care more about, I’ll upgrade.