At one time, there was a big boom of popularity for trash compactors and they seemed to be the "appliance of the moment."  These days, we may not see them in as many homes.  But, are trash compactors still worth the investment?  Do they really help and how much? Are you making multiple trips outside to deposit full trash bags? Trash compactors just may be the appliance you have not given much consideration, but should.
Trash compactors have been around for a few decades now and work to compress trash to help significantly reduce the amount of trash bags you use.  A trash compactor compresses trash so much that about 6 bags of trash are compressed into one bag of trash.  Yes, that means no more taking out the trash every day.  And, not only will it save you time because you will have one less chore to take care of, but it will also save money because you will not go through as many trash bags.  Additionally, if you are conscious of "going green" in your home, trash compactors are a green choice because they reduce the amount of trash bags you use and your trash takes up less space in landfills.
One con of owning a trash compactor is that not all trash can be placed in the trash compactor, making additional waste disposal options necessary.  Items like glass, jars, bottles cannot be placed in the trash compactor and could cause damage to the compactor if placed inside.  SFGate addresses some additional cons of trash compactors, "A trash compactor bag filled to capacity may weigh 30 to 50 pounds, which can be a bit cumbersome, especially for children or the elderly.
Regular trash bags cannot be used in a trash compactor because such bags are not designed for the extreme pressure used to compress trash in a compactor. Special trash compactor bags are necessary, requiring a purchase of a specific size designed for your compactor model. They also may smell bad, due to items within the compactor sitting for a while. Charcoal filters reduce some of the odor, but require replacement every six months or so."  So, ultimately, like many different appliances, there are pros and cons.
What will help determine whether or not a trash compactor will be a worthwhile investment is your lifestyle and preferences.  If you like to be eco-friendly, if you prefer not to make as many trips out to the curb with the trash, and if you want to reduce the amount of trash bags you use, a trash compactor may be a worthwhile investment for your home.