For $250, you would not be loosing any money if the machine fails. Like it has already been said, the motor alone is worth that much.
I had a Campbell Hausfeld 5Hp, 240Volt compressor for 20 years and I just did replace it with an Ingersoll Rand.
FREE SHIPPING — Ingersoll Rand Electric Stationary Air Compressor — 5 HP, 18.1 CFM @ 90 PSI, 230 Volt, Model# SS5L5 | 10 - 30 CFM | Northern Tool + Equipment
In the evening, I put the old CH compressor outside next to the garage with a big sign saying "FREE COMPRESSOR, machine works but needs head gasket and pressure switch". By noon the next day, it was gone.
Got the new IR hooked-up with appropriate air-line plumbing and new Wilkerson filters/regulators all for around $1100. Lots of money I know, but this machine is all US built with no bells and whistles like electronic pressure switch and crap that could fail. Keep It Stupid Simple.
BTW the proper way to plumb air line is like this:
Wilkerson says to hook-up components from the coarse filters to the fine filters followed by the regulator last in the sequence. Lubricators are after the regulator too.
http://www.wilkersoncorp.com/
Use black pipe, galvanized pipe or hard copper pipe. DO NOT USE PLASTIC. I used copper because of ease to make custom length runs, sweating the fittings is easy, and it conducts heat better than iron. Be sure to use a flex hose at the output of the compressor. I got a 2 foot 1/2NPT hydraulic hose from Grainger for $20.00. It ain't gonna fail.