Yeah, hdd drives are mega-cheap now. I even bought a 2 TB one about six months ago, still in the box today, have never used it. I suppose I should, but then, it's another plug socket, another USB slot to be used up, and at this moment I don't really need it. Good to know it's there though.
What I'd do is get two drives (cheap ones like these)
Toshiba buy at the cheapest price, best deals, online shop - Ireland, put a copy of your music on one, put it away, never touch it except maybe to update it. Then no matter what happens you'll always have a backup copy and you should never be without music again.