I'm pretty much in agreement with the others here.
I have an iMac, so there's no likelihood I'll ever upgrade its 1TB internal drive. My previous Mac also was an iMac; it had a 320 GB (or 300 GB, depending on whether you choose the decimal or binary nomenclature) internal drive, which I just about filled up over the 2 years I had it, so that's the amount of data I currently have on this machine. Obviously, I have gobs of free space available on my current internal drive.
I always back up my internal drive via Time Machine (incremental), as well as SuperDuper! (clone). So I keep 2 externals on hand for that. My personal "rule of thumb" has been (and continues to be) to have an external Time Machine drive 1.5-to-2.0 times the size of the volume (total amount of data) I anticipate having on my internal drive. Inasmuch as that covers a lot of estimating over a multiyear time horizon, it leaves a lot of room for "error." Since I'm currently operating with about 320 (decimal) GB of data (including system files) on a 1 (decimal) TB internal drive, and I don't anticipate any exponential growth in my saved data over the next few years, I'm quite comfortable using a 1 TB external drive for my TM backups now, and migrating to a 1.5-to-2.0 TB external drive later if and when the need arises, which likely would be accompanied by improved storage technology and lower storage costs.
As far as SuperDuper! is concerned, it only needs an amount of room equal to the internal volume's size (again, not the drive, but the volume—i.e., totality of data), plus some additional "head room" for "working space" to do its backup. My personal rule of thumb for this has always been 10-to-15%. So for now (and likely for some time to come), all I need is a 500 GB external drive (smaller, actually...but they don't make a standard size drive larger than 320 GB but smaller than 500 GB) for my SD! clone. Again, when my needs change, I'll consider a larger drive.
Hope this helps.