I need/want an air compressor.

Shop compressor is a two stage, 5-hp, 220v, 3-phase Quincy installed in about 1950 by the US Air Force. Was primarily used by USAF to operate the air over oil twin I-beam style 'grease rack', but it is really more than adequate for any and all tasks that have been thrown at it.

As many before have stated BIG is better. By the way the tank is about 120 gal and is mounted up near the ceiling and out of the way, even when lifting a fairly long car. Only downside of tank location is inconvenient reach to drain condensate.

I would install an automatic drain. I bought one from H/F for my twin single stage air compressor, but the plastic line only lasted a few minutes, so you'll want to buy a metal line right away.
 
There's all manner of terminology to learn to buy what's "best" for your use. I learned what I know when I had my body shop and had to figure out what I wanted to get to actually do what was necessary. Like so many things, numbers games are played that appeal to peoples lack of understanding.

Above someone started their commentary with volume, volume, volume. That person is knowledgable. Tank volume and compressor volume output are two different things. Large storage is fine, but not a substitute for pump volume. Too many folks focus on pressure. If you look at the tools the typical home "mechanic" uses they're almost always rated for 125 psi max (yeah there's a rare exception or two), then followed by their cfm consumption numbers. It's cfm (cubic feet per minute) that's important for shop tools. Most folks end up regulating pressure down, so why focus on getting a two stage compressor that can do 175 psi? Forget that, if a two stage is a good buy and puts out something around 20 cfm at 100 psi, that's fine, but if a single stage will do that kind of cfm that's fine too.....plus it will generate less heat and perhaps less water. Volume will come in handy when you run a blast cabinet, or a grinder, or any other tool that gobbles big chunks of air (read the spec sheets on the individual tools to see that number). If you do any painting and use an hvlp gun, the hv means high volume, the lp, low pressure (yet another strike against 175 psi as the primary focus).

I'm not advocating for this company even though I bought my home shop unit from them, but if you read through some of their commentary you'll learn some things about hp rating, cfm, and so on: http://www.eatoncompressor.com/page/page/504413.htm

Learning will save you money in the long run.
 
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