its good you re asking and not rushing in to it. a lot of people vision a new car on the drive.
If you are thinking of getting a new car then paying the balloon off and selling the car privately will save you money, you can repay the money used to pay off the baloon so you can then buy a new car with a bigger deposit and pay the new insurance etc.
Also, don't buy new, 2021 /2022 means you may only pay the 620 for around one year then comes down to 195 after that..
every time i have bought new i have lost 10-20k, so just buy a nice used car with low miles.
The above is not financial advice, just something i would do. 😉