This is my understanding and truthfully, I don’t have a turntable anymore (do have a large collection of vinyl which I haven’t listened to for years but could never part with). I have on my plan to buy a good turntable because I do love them.
The pros for vinyl relate to the difference between analogue and digital recording methods.
Vinyl’s analogue recordings are superior because the whole soundwave is captured and it doesn’t need to be converted from digital back to analogue. Hence, the recording has more purer, deeper and richer sound.
In contrast, less of the soundwave is sampled in a digital recording and it then has to be converted back into analogue signal to be played through your amplifier.
In reality, I think most people would not notice the difference. I suspect purists (who probably have excellent sound systems) certainly would.
Downside, vinyl records scratch. :( and warp :( and even specs of dust will affect the sound you hear (think that static or hiss (noise)). So they need greater care than CDs. CDs are certainly not indestructible but they are a bit less fragile than a vinyl record.
Not sure of the cost differences. I haven’t bought a vinyl album for a long time but they are also beautiful. The album covers can be works of art. Doesn’t feel quite the same on a CD.
Vinyl is less convenient. I can throw CDs in a case, my car and listen anywhere. Vinyl well they are all in a box and I can’t listen at all at the moment. Shops that sell vinyl are also not on every corner and in every shopping centre.