When to use ES6 class based React components vs. functional ES6 React components?

After spending some time learning React I understand the difference between the two main paradigms of creating components.

My question is when should I use which one and why? What are the benefits/tradeoffs of one over the other?

ES6 classes:

import React, { Component } from 'react';

export class MyComponent extends Component {
  render() {
    return (
      <div></div>
    );
  }
}

Functional:

const MyComponent = (props) => {
    return (
      <div></div>
    );
}

I’m thinking functional whenever there is no state to be manipulated by that component, but is that it?

I’m guessing if I use any life cycle methods, it might be best to go with a class based component.