Internal vs External hard drive for iTunes library

All the music on my 120 GB Ipod is taking up too much memory on my desktop.

Did some research online but still can't figure out if I should add another internal hard drive or purchase an external external/portable hard drive.
Any brands/specs I should look for? Any current good deals out there?

TIA

Either option (internal/external) is equally viable.

You will however enjoy faster read and write speeds to an internal drive than an external.

You can now purchase the largest common sizes of storage for much cheaper than in past years now. a 1 TB internal drive will hold roughly 200,000 songs of about 5 megabytes each in size and will cost only around $99.

If you have another computer which you want to copy files to, or if you plan on transporting the files to another location such as school or work, the external/portable drive option is better.