I bought a little 4 gallon, 2 HP, oil sump, Chinese compressor from Pep Boy's for about $90.  I run it once it once or twice a week for airing up tires, blowing dust around my shop and powering a brad, pin nailer and an air brush.  I've had it for several years and it is still functioning just fine.  I suspect it might not stand up to regular heavy use; but that isn't going to happen in my shop.
 
Despite what folks say about oil-less compressors being much noisier than the ones with an oil sump, mine is quite noisy and I had to cobble up a better muffler to make it tolerable for use in a closed 2 car garage shop.  Muffler may not be exactly the correct term as it is on the intake side of the compressor.
 
Only other issue is I have an older home with only a 15 amp circuit in the garage and the compressor would occasionally blow the breaker........when it was trying to recycle after the tanks were already pressurized.  I added a 20 amp dedicated for the compressor and that problem has gone away.