You should choose an external hard drive that will spin down automatically after idle(no I/O activity) for some time. And in order to let it idle, you need to dismount the drive; that leads to the use of autofs.
Add this to /etc/auto.master:
# dismount after no file access for 120 seconds: /mnt /etc/auto.exthd --timeout=120
Create file etc/auto.exthd with this:
exthd -fstype=auto,rw :/dev/sda1
Restart autofs to take effect.
After that, whenever you access /mnt/exthd, the partition /dev/sda1 will be auto mounted.