I agree with this depending on use. It's a bit out of the budget but you have some protection against a drive failure. The nas is about $190 new and since your original drive was only 1TB you might be fine with 1 or 2 TB drives which run about $40-50 a piece.
If you want to go a step further and have an old computer laying around look into
unRaid. It would give you the flexibility of expanding your backup drive size as time goes on with the protection of parity. Unraid is (I think) $60 for the basic package which allows up to 6 drives.