So I recently got Persona 5 and I'm absolutely loving it. I'm just starting the 5th Palace and if the quality of the game is sustained to the end, P5 could very well end up being my all-time favorite game. So, once I'm done with Persona 5, I want to work my way back in the series and play 3 and 4. The PS4 is somehow my first ever console from Sony (went with Xbox 360 last gen and was too young to know any better in the 6th gen), so I don't have the hardware necessary to play other titles in the series.

Since I also want to play some other PS1 and PS2 classics in addition to enjoying some features of modern consoles, I've decided to narrow down what I buy to either a PS Vita or PS3. Is the portability of the Vita enough to outweigh the cost and the more limited selection of classic titles? The only game that I would absolutely want to play that isn't on Vita is Demon's Souls. I'd greatly appreciate any input you may have.

Note: I am aware that the PS Vita does not have PS2 Classics available on it.

well if you want to play both PS1 and PS2 classics on a PS3, you'll have to find a CECHA01 model. CECHA01 models is fully backward compatible. google it and you'll find some refurbished ones.

Thanks for giving the model numbers! I was looking for the backwards compatible PS3 and I wasn't sure if I was finding the right one. I don't why I didn't think of looking up the model number lol

If you want to play PS2-games maybe it would be easier and cheaper to just buy a PS2. And PS2 is also backwards compatible with PS1 i think.

This isn't a bad idea. You could get a PS2 slim, which will play PS2 and PS1 games. You already have a X360, which is essentially a better version of the PS3, and a PS4, which has several remastered PS3 games.

That said, Demon's Souls alone is worth ponying up for a PS3  

I agree with the others. Just get a PS2 Slim. It would be much cheaper, and have better reliability than the launch ps3 (if I recall correctly).

can u even find a vita these days?

I think that an emulator would be more effective for your purposes.But other than that, a PS2 slim would probably be better, though kind of expensive(since you have to buy the games and stuff).

PS3 is better overall but when it comes to jrpgs and persona specifically Vita 

This right here is what's making me lean towards PS3 at the moment. The posts so far are telling me I should change the question to PS3 vs PS2.