Do HDDs fail over time?
All media, be it HDDs, SSDs, ODs (Optical Discs), floppies, etc. are subject to failure, often sudden and irrecoverable, at anytime no matter their age or quality. I had a WD Black arrive DOA once and also had a Samsung 850 EVO also arrive DOA and both are good quality drives.
One has to assume that, given enough time, all drives are going to fail and take proactive measures to ensure against data loss. For data to be reasonably safe, it must exist in three separate places, such as on the computer, on an onsite backup drive, and on an offsite backup drive (for a backup drive to be a true backup, it must be kept powered down, disconnected from the computer, and stored away from the computer).
I've had relatively few drive failures but I still keep a spare drive of each kind on hand so, when (notice I said when, not if) one does die, I can quickly replace it, then recover my data from one of my backups. This gives me more time to either buy a new drive or get a warranty replacement with minimal down time (I live in a megalopolis yet no one carries the drives I use in stock locally).

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