Photos storage paradigm? (too many GB for new computer)
Summary:
I'm at the point of needing to upgrade and get a new-to-me iMac. Most of them don't have nearly enough storage space for my videos/photos stored in Photos. I'm looking for advice in how to plan to set up a new "main" computer to house/host Photos that will work for me. I realize I may need to update my paradigm of setup to get the best solution (had to do that for getting photos to and from the family's devices, and now that I've figured it out, it's working great!).
Details:
My current main computer is a great 2009 iMac. Came with a 1TB drive -- which failed 2-3 years ago. Replaced it with a 2TB (Seagate) drive which lasted all of one year and failed. Replaced that with a 3TB drive (I think it's a Western?) which is working fine... so far. I have Time Machine backups on a dedicated external drive (3TB), so it's not taken much to get up and running again when that's happened, thankfully. I did the physical replacement of the drives myself without incident.
My current Photos library says it's 708GB in size. The iPhoto Library.photolibrary folder is 558GB (can I do without this??). On my storage tab of "About this Mac" it's says Movies take up 609GB, and Photos take 379GB. "1.18TB free of 2.79TB"
I've considered using iCloud, but I currently can't feel like I can afford $120/year for storage... Amazon has unlimited storage for $60/yr, but I'm not wanting something that doesn't integrate well (although I'm slightly considering it for a backup option).
These are all our personal digital photos/videos for the past 14+ years, and no, I don't really want to split up the library and not have all at my fingertips... Besides, I want them all in a currently accessible digital format.
My ideas:
I could buy a new or slightly used iMac and replace the hard drive with a bigger drive (not sure how friendly current models are for that!) and carry on as I have.
I could get the new iMac and keep an external drive up and running with the Photos storage on it. But then I have questions about it being backed up with Time Machine.
What other ways are there to set this up that I'm not thinking of? Are there other considerations I'm not thinking of?
iMac, Early 2009, latest OS