Imaging a Hard drive

I have a hunch that I may possibly have to replace my hard drive.
Obviously, installing the OS, as well as all the programs on a new drive is a time-consuming PITA.
Will an imaging program (such as Acronis True Image or Image for Windows) help make the job easier?
IOW: Can I take an image of my exsiting hard drive (say on an external HD), transfer the image to a
new hard drive, and just keep on using the computer with the new drive without having to reinstall
the OS and the programs?
For the $ 50 - $ 65 which those imaging programs cost, this seems to be a really good solution.

Knowledgeable opinions, please?

Thanks!
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johnn
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"God is dead"
- Nietzsche (1844-1935)
"Nietzsche is dead"
- God