(1) Work out the compression volume needed to operate the tools that you’re using the compressor for. The volume of air required has a clear difference on the size of the device, the power needed to operate it, and the overall cost of purchase. Using one to run a production line is always going to use more air than operating a light power tool.
(2) How often do you need to use the compressor? If the answer is daily or weekly then it’s worth buying one for your use. If the answer is annually, or it’s for a one-off project, then the need to purchase is probably much less so. Anything infrequent and just consider going to the local hire shop and lease the product that you need. This has the added advantage that, if your needs change, you can hire a different device. Also, you avoid the costs of storage, repair and replacement when something goes wrong. Buying a tool of this type is only really sensible when it’s going to be used on a regular basis.
(3) Work out how portable a device you need. Air compressors can vary in size from a small unit which sets in the corner of the shed, to a huge device suitable for industrial use which has to be permanently positioned. If you’re just filling up tyres then a portable device might be appropriate; the pressure needs aren’t too great and it’s inevitable that you will want to use this device with different motors and in different circumstances. For industrial processes portability may be less of an issue.
So, there you have it. An air compressor can be a sizable investment and it is likely to be with you for some time to come, so make sure that you choose the right one for you.