Coke or Pepsi? Fritos or Doritos? If the answer was only that simple. But in some ways, it is. Personal preference plays into the decision. More importantly, how do you see the scene, how do you interpret the image, does color enhance or detract from the message you want to convey? These questions will help you decide, and only you can determine the outcome. Crowdsourcing for answers means you don't know, and if you don't, how can anyone else, it's your photograph.
Learn to see in both color and black and white. Learn to understand the difference between color harmony and visual harmony. How do you learn? Practice, practice and more practice. And study. Lot's of study.
Analyze the color masters and how they work, how they see. People like Joel Meyerowitz, Sam Able, Jay Maisel, William Albert Allard, and Alex Webb. Look deep at the black and white photographers; Matt Black, Ralph Gibson, Jacob Aue Sobol, Bill Brandt, Michael Kenna, and of course, Ansel Adams and Henri Cartier-Bresson. Compare and contrast their styles and vision. See how they compose, how they use tone, light, and shadow.
I came upon this scene at a traffic light. As always, my camera was at the ready in the center console. All I need to do was frame the photo and wait for the moment to develop. What I wanted to capture was already clearly formed in my mind's eye, and thankfully it occurred before my light turned green.
From the instant I spotted the scene I knew it would be a black and white photo. I saw the shadows and highlights and colors dancing in shades of black, white and greys. The yellow-greenish tint to the building and the red bus both turned neutral in my vision of a monochrome image. Color, in this case, would be distracting, confusing even, pulling attention away from the subject, and the story. Is the scene as a color photograph terrible? No. But in my vision, the black and white image is stronger. The monochrome tones and design elements graphically harmonize while in color they are confusing to the eye.
Defining your vision and style is a journey of many steps, and only you can walk the path.