MP3s or Flac ?

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I realise this is a very basic question but here goes anyway.Up to now I have been listening to my music on the go on an iPhone 7+.
I am looking to buy a dedicated player that also plays lossless,flac etc.Would playing the same files give me a better listening experience or should I populate my new player with Flac music.Because I am on a limited budget the device I am thinking of buying is a Fiio M7.With my limited knowledge this looks good for me.
Any advice would be great.


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