I'm leaning towards the pretty penny cost for the perpetual license suite
As far as I know they phased this out on 31 Jan 2016 so you will have to rent.
I also use vray 1.5 as well, which would be upgraded too;
Vray 3.4 will be waaay faster than 1.5, it will take some adjustment. Have you tried the demo yet?
Mental Ray does come with Max 2017 but it is a separate installation now.