Not necessarily, since the speakers and buttons on the front don't correspond to that, so following the blue line would make the boombox look lopsided. I think instead you should tweak the sides to meet at an entirely different, more distant vanishing point. Then, use the horizon line from that VP to tweak the tape case.
You could use the speakers as a guide to calculate the perspective mathematically, but I think just guessing a line perpendicular to the middle of the boombox and extending it until you find a VP that makes the sides look good should do. Perspective in pixel art is rarely exact anyway, since pixel-precision is more important for making things look good.