First, you need to think about what kind of air compressor you will need, and that's based on what you will use it for. Personally, I believe that they are far more useful than just airing tires. remember, you need a tire gauge to check tire pressure, and an air compressor is used when the tire is low.
In fact, a friend once said that the air compressor was the best tool he every bought, because he uses it constantly. I'd have to agree.
I have one in the garage -- 110 volt so as to not require any special wiring. It's incredibly useful for all sorts of tools -- nail guns, impact wrenches, etc. I also use the air for cleaning all sorts of parts. Next on the list will be things like drills, etc. For this type, expect to pay at least $250 for a decent unit.
I also have a small, 12-volt unit in each vehicle. Not practical for everyday use, but darned handy when you have a flat tire. Expect to pay less than $50 for this type.
Finally, Good Times has a high-grade compressor on his 4Runner. It's not as good for heavy jobs as one in the garage, but far superior to the 12-volt portable model. You can add an air tank, etc., so it can run many smaller air tools, plus it can air up a 4Runner tire in about 2 minutes or so. These can run over $400.
So, like anything else, you need to do a bit of research to find out what you would use one for, then get one that is a bit better than you think you need.
Remember that for tools, always buy the very best you can afford -- you will replace cheap tools often enough that it is less expensive to wiat and buy good quality.