I realised it 53 years ago, later reconfirmed my opinion 37 years ago when CD's and players entered the market in force. I fortunately never "dumped" my record collection for the new format. My 25,000+ collection of LP's is still growing - perhaps foolishly as I doubt I have enough years left in me to enjoy each and every LP one last time.
I admit I was spoiled when growing up as my parents (modest means) owned a Lenco and I had access to that TT plus a Fisher 500B along with Altecs. During the 60's that'd be considered a great system for an average household. It definitely trained my ear to good reproduction and CD's weren't it. Being a realist however, I do own and have CD's and player but, they are rarely used.