That load time really is absolutely insane. It is definitely a good idea to move to a VPS. At the same time, when you have a fully managed hosting solution, the sysadmins should be able to help you streamline your website - I know ours do this quite often. I also don't entirely rule out the possibility that some optimization is necessary on the site itself - non-optimized images is the most common problem.
I'd be glad to offer an alternative quote if you haven't yet decided on Vacares, so please reach out via any of the contacts in my signature.
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