I was in a similar situation about a year ago, had a managed VPS for some years before i needed a better server and had to switch to an un-managed VPS. Although i had another un-managed VPS without a control panel previously, this time round i chose an un-managed box with cPanel already installed. This was quite handy as i didn't have to deal with installing and licencing the control panel. As have always used cPanel, setting up sites, databases, DNS and all the other configurations was straight forward and fast.
OpenVZ virtualization is an OS level container-based virtualization, and it has resources that are divided between users on a physical server. Each container acts like a stand-alone virtual server and can be accessed with a root (SSH) connection. As a separate server container can be rebooted separately, it also has a dedicated IP address, shared RAM, individual processes, files, applications, system libraries and configuration files. On OpenVZ, the kernel cannot be modified. It has its stable version and modules cannot be added. The good thing regarding this virtualization is a faster performance, and a lower need of resources.
Virtual means that the server runs in a virtualized environment, a cloud server rather than a physical server. This differentiates Virtual Private Servers from dedicated servers, which are physical machines in a data center rack. Virtual servers have the same functionality as a dedicated server and they look more or less the same from the client’s perspective, except that several virtual servers live on a single physical server.

Virtual private servers have become a popular choice for web hosting because they offer many benefits of dedicated servers at a lower cost. They also provide the added benefit of easy scalability. Since each VPS is virtualized, the configuration can be updated with a software modification rather than a hardware upgrade. Still, dedicated servers often provide better performance since all the resources of the physical machine are dedicated to a single server.
If your bandwidth usage is high and your website seems slow to perform, you may need more resources than a shared website hosting plan provides. Shared hosting means you share everything - so you're restricted in how big your website can grow, and your available resources (disk space, bandwidth, etc) can be affected by the traffic flow and bandwidth usage of other websites running on the same server.
If you'd like to run a VPS, I'd suggest you to look for a managed one with cPanel. cPanel is a piece of software that facilitates a lot configuring the server, while managed means that the support guys will help you with initial configuration of the server, and also help you out with config/upgrades whenever you need help. It's a bit more expensive than non-managed, but if you don't know how to manage/administer a server, than it's essential. You can find a decent managed VPS in USA from 20 $ and up.
VPS hosting contains the best elements of shared hosting and dedicated hosting services. Like shared hosting, VPS hosting puts your website on a server that also has other sites running on it, except that there are fewer sites per server. The sites share the cost of running on the server, which results in a monthly or yearly charge that's less than the relatively high price tag of dedicated hosting.
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