If it isn't really critical then indeed you can use the old drive.
I don't use external drives as a backup device, they're a transfer device, for backups I use other computers.. had one external drive fail a few years ago, pulled the drive out which was still okay, it now is the internal drive of a frankenmachine.![]()
I had the money I'd use LTO for backup but that's not option at the moment (LTO 5 is affordable on the second hand market, 6 more so as the 7 and 8 drives take over).
Gather than nice thing with LTO5 and later is the ability to use treat the drive as just another file system making it much easier to access.
Though even in professional environment externals are used as backup devices but usually a number of them that then get rotated.
I had an external WD that crap it's self but turned out to the USB to SATA fritzing it's self.
Not sure if that drive is one of my WD 2TBs (either the one that crapped it's self or the one in my desktop)..