I recently got a 600 euro gift card for Amazon. And I like messing around with VR. I played some games, and I program hobby VR games in my spare time on mobile.I saw that my 5 year old CPU meets the specs for the Oculus rift. However my current graphics card does not.

I see that in Europe, I can get an "Oculus touch bundle" for 400 euros. And an Nvidia 1060(3GB) for another 200 euros. (coincidentally this is the same sum of my gift certificate)

The two possible problems:

1. I only have 4GB of RAM (I don't think this will be a big deal, maybe just some more loading times)
2. I am not sure my power supply can support a 1060 (I am not sure what the different WATTages that are printed on it mean )

Here is a photo of my power supply's spec: https://ibb.co/eaOOOR

It was pretty basic even 6 years ago. Is it good enough to run a 1060? (I can only find a link for the 6GB model: https://www.geforce.co.uk/hardware/desktop-gpus/geforce-gtx-1060/specifications)

I am not interested in going through the trouble of replacing my power supply, and I do not want to spend more than 600 euros on this entire endavour.

And another question: Assuming I want to spend this money on VR, is there a better platform to spend this sum on?

I was going to wait for the Vive focus (I don't liike cables), but it looks like it's going to be a dud (only in china, no real ecosystem).

Facebook's claim of releasing a wireless rift for 200$ seem dubious to me. And since that price sounds like they are selling at a loss, there is no chance it will reach Europe for that price on official channels. 

What's your current GPU? I use a GeForce 780, which causes the Oculus system software to warn me every time about having old HW, but most games still run at 90Hz. The Vive doesn't come with a harsh GPU recommendation, so many VR devs still try to support older GPUs. 

Many people will recommend getting a Vive over an Oculus. I've used both extensively and they're pretty identical, so if one's far cheaper, get the cheaper one. Oculus has better comfort and ease of wearing (the built-in headphones are amazingly good), but the Vive can track a larger space more reliably and is easier to set up (two external trackers that don't connect to your PC, VS Oculus' three that do) and has a wireless add-on already available. 

With the Oculus though, the Oculus+touch bundle only comes with two cameras,  while 3 are required for room-scale. Make sure you spend the extra ~US$80 to buy that extra camera too, otherwise a lot of content that was designed for Vive will be unplayable for you. Do the cost comparison with this in mind. 

@Frob, thanks for the detailed response. It's really helpful

@Hodgeman. Thanks. I would actually also prefer the Vive. I like HTC and Steam. I really like the Steam integration. However the Vive is tremendously expensive in Europe. HTC is selling it for 825 euros. (I can get it from other non-oficial importers for 700 euros). So it's really not in the same price range. I can  get 2 Oculusses for that price. So I think the Vive isn't an option for me.

FWIW, SteamVR works just as well on an Oculus as it does on a HTC Vive

That's good to know. I wasn't aware of that. So I'll be getting the Oculus then. SteamVR was the only thing I was worried about from a software perspective.