Actually drive and storage is increasing all the time, you can choose a bit rate higher than 192 and use Mp3 as it's cross compatible with a lot of devices, create Mp3 cd's for car stereos and software for manipulation/effects.
Mp3 Cd's hold over a hundred songs per cd, playable on Mp3 cd players.
Makes it a viable alternative instead of iPods for car stereo's, which a lot have been reluctant to include a stereo import port as they can be sued for creating a hazzard as idiots stare at their iPods while driving to switch playlists.
With a Mp3 cd, one can keep their eyes on the road longer, just a quick glance at a cd for a playlist description and stick it in.
Also iPods tend to get stolen out of vehicles, with the many of thousands of dollars worth of content on them, with a visor holder of Mp3's cd's one can have a good dozen or two of 100+ song playlists at their fingertips. If stolen it's no big deal, just burn more.
However you can't do that with AAC format. AAC just provides a better compression for the quality, MP3 provides the best universal use.