Tiger Direct has the Western Digital Elements 3TB USB 2.0 External Hard Drive (WDBAAU0030HBK-NESN) for $130 - $30 rebate [Exp 1/26] + $4 shipping = $104 shipped. Features USB 2.0 connection, idle mode, and auto off/on with computer.
WD Elements SE WDBPCK5000ABK Portable 500GB USB 3.0 HDD for $44 shipped after $30 rebate [Exp 1/24]
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Good luck getting rebate from Tiger Direct. YMMV.
USB 2.0 for a 3TB drive? It will take FOR-EV-ER to defrag this and use it on a daily basis.
Now if you use this for mass storage like movies or files that will not get modified much - it would be ok.