My old compressor

[3Ts]

Compressor tanks are not like SCUBA tanks that take 3000 PSI.
More like a propane tank, and even so any compressor rupture from corrosion would be at the bottom where water would accumulate and in my opinion would basically start off as a leaking rusty watery mess.
Naturally we should purge ant accumulated water on a periodical basis but I suspect very few do so.
On my compressor I added an elbow and extension for easier access and blow it clean form time to time.
Usually a watery rusty mess is the result.
Air often contains a lot of humidity and when under pressure condenses in a metal tank.
BLOW IT OFTEN!

I agree that one would expect it to start as a leaking pinhole, but I've seen where that isn't the case, they just blew wide open with no indication of a leak. I also have put in an elbow, extension pipe and a quarter turn valve to make it easy to drain.

However, all things that engineers design have a safety factor built in so I would expect the tanks to go for more than the 10 years. How much is the question and depends on many factors which include the humidity where it's used, how frequently it's used, how often it drained, etc.

 

[dodge man]

I’d be more worried about no belt guard. Keep your fingers away.