My compressor had been acting up the past few weeks. It would run continuously and never get up to the 125 PSI cut off. I also could hear compression leaking while it was running that seemed to come out of the air intake area. I figure I got this thing for free about 15 years ago,and it has a 1988 production date on it,so maybe it's time to just get a new one. It has served me well.
I had some time to kill today so I tore into it. I found that the head gasket had blown between the pressure and intake chambers of the head,and a chunk of the gasket was stuck under the reed valve holding it open. OK,I have some bulk gasket material hanging on the peg board in the garage,so I made a few new gaskets,basically for free,and an hour later the dinosaur was back in action running like new again.
Before you pitch that stuff in the garbage,check it out,you may be able to fix it.