When you compare how big computers are today to only a few years ago, it's amazing. And when I say 'how big' I don't mean the size as they sit there on your desk. I mean the speed, the size of the hard drives, and how fast their processors are. My first computer many, many years ago, was more like hand held calculator compared to today's models.
Of course, so has external storage media. Ten years ago, the external hard drive market was very small, with only a few players. Today, however, finding the right back up system for your machine can be particularly troublesome, especially if you aren't familiar with the specific terminology. It's important to know exactly what you want, and exactly what you want it to do before you go shopping. That way you won't end up buying something that's way too much for what you need, or on the other hand, you won't end up buying something that just doesn't have enough juice. When you figure out exactly what you need, you won't be stuck with these common problems.
Of course of primary concern is the size of your actual hard drive that you'll be backing up. If you only have a 100 GB machine, like I do, then a moderately sized external drive will do the trick. If, however, you've got several machines with hard drives in excess of 500 GB, then you are definitely going to need some more space. Luckily, they make external drives plenty big enough to satisfy even the hungriest customer. Also, consider the type of data you'll be backing up. Is it primary documents, or do you have a lot of music or video or other media that takes up a large amount of space? These effect the writing times, and this can effect which drive is absolutely best for you.
One more thing to think about is how often you plan on backing up your machine. Will you be doing it on a daily basis? Or will you be content to back up your system once a week, or even once a month? These are important questions, and will play a part in determining how much back up you need.
One more thing to think about is portability. Will you be carrying your backup device around with you? Or will it be sitting in a designated location in your home? Portable models and desktop models are different in size and configuration and portable models are generally more expensive.
Once you figure all these things out, you'll be much better prepared to make a buying decision when it comes to shopping for an external hard drive. You'll likely save quite a bit of money as well as time, and can spend that doing something else more fun. Have fun shopping.