Well it depends on how many plugins you plan on running in vBulletin and how many visitors you expect to get. Shared webhosts will do just fine for forums with a low amount of visitors.
I personally always go for a VPS. It gives me more freedom and I can configure it to my needs. A VPS isn't that expensive anymore these days. DigitalOcean, TransIP, Linode and DreamHost are all good quality providers of VPS.
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