I recommend looking at a used one.
In my area, on craigslist you could get a quality used compressor for $50-$150, depending on size. If you're not in a hurry, and watch ebay, you might find a bargain.
I keep some ebay searches of local tools to watch for bargains coming through that are for local pickup only. About a month ago I saw a Craftsman 20 gallon, 5hp 220 volt belt drive for pickup only
(link). When I first saw it, I thought it would sell for $150 on craigslist, but pickup only items on Ebay have volatile prices. I ended up getting it for $56. I sold my direct drive Cambell Hausfield direct drive 13 gallon for $80 on craigslist. I wasn't looking to upgrade, but since I got paid to it was worth the trouble.
Since then I've another craftsman like the one I bought listed on craigslist for $200.
The funny thing was, when I picked it up, the guy starts telling me the compressor belonged to his neighbor, and he sells stuff on Ebay for consignment. He only charges 20%, if I ever need his services... I found that amusing since I only bought it because of his inability to effectively sell it online.