My oil less Campbell Hausfeld made it nearly 30 years before the tank developed a pinhole leak. It was loud enough to wake the dead and I wasn't exactly sad to see it go.
I wouldn't go used as you never know if the previous owner(s) bothered to drain the tank. Search YouTube for exploding air compressors, they can level a garage and blow you to pieces. I inherited a belt drive oil type compressor that belonged to my grandfather which I kept in the corner of the garage for a backup. I used it a few times after the CH failed, but couldn't get the thoughts of exploding tanks out of my mind. Since the certification tag on the tank was from 1945, I decided to buy a new compressor.

Due to the noise, I was hesitant to buy another oil less compressor but I decided to give a Husky (Home Depot) 20 gallon vertical "SILENT" compressor a try. I don't know how they did it, but it's quieter than a washing machine. No more earplugs or worrying about disturbing the neighbors at night, you can literally hold a normal conversation right next to it. It's not some huge powerhouse but it has no problem running all my air tools including larger impacts.

 

IMHO - Buy a good quality 2 stage Cast Iron - Oil Lubed compressor with a decent sized tank. Yes - it'll run you a few $$, but it should last you the rest of your life if you take care of it (which means draining the tank, changing the oil, and making sure it gets nice clean filtered intake air).

I don't disagree that cordless tools have come a long way - and I do really like modern cordless impact guns, BUT I also tend to think that there are needs for things like blast cabinets, and air powered tools including compressed air blow guns. The shop you're building is a place that you are (hopefully) going to be spending a fair amount of time in - build it in such a way that you will enjoy being out there (meaning decent lighting, the ability to keep the temp reasonable, and the ability to bring whatever tools make the job easier to bear. It's fine to skimp on a compressor in the beginning if $$$ is in short supply - but a good compressor is something that will be used regularly (and plan to set up enough air drops that you don't have to run two 50 foot air lines every time you want to do something). (And I highly recommend including a couple of outdoor air connectors - along with a few outdoor electric outlets so you have easy access to both power and compressed air outside the building as well.)

 

I must agree. Sure there a SOME airtools that can "maybe" be replaced with cordless, there is so much more you can do with a proper compressor. I will always want a compressor in my shop. As far as safety, just because **** happens, what is the percentage of it happening to you? I think the likelihood of a tank exploding is way less than a car wreck on the freeway.