RAW vs JPG image- which format is better?

I never shot in RAW format...until yesterday. It was sunset time and the colors were coming very saturated in photos I was taking with Panasonic FZ200. I decided to try RAW format. Here are two photos- one out of box with Jpeg and the second one is converted from a RAW image. In RAW vs JPEG comparison, I am sold to RAW format now. Wish I had started using RAW format earlier :(

Photo in JPEG format out of the camera.

Image shot in RAW format


Here is one more example of Raw vs Jpeg.

Out of camera jpeg image

Jpeg from a raw image.