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I almost went through with one of these deals, but decided against it at the last minute because the dollar wasn't all that strong and they were offering a bunch of incentives here (like cheap financing).
Paperwork isn't difficult. The major drawbacks are:
- You still have to pay taxes when you register here;
- You might have to modify some things (i.e. if it doesn't have DRL);
- You won't be able to get warranty service here;
- You have to pay cash; if they're offering incentives you won't get them;
- Any other incentives like factory rebates, etc., you also can't get.
- Some dealers just won't do it. Some definitely will, but you might have to shop around.
None of these are insurmountable, but they add to the hassle. Back 6 months ago when the dollar was above par, the car would have had to cost $40,000 or more to make it worthwhile. With the dollar where it's at now, I'd say maybe $45K or even $50K.
Also, it's more of a hassle and less cost-effective to do this with imports than it is with American cars. If you're looking for a Mustang or a 'vette or something then go for it, definitely, but if you're looking at Honda Accords then you're wasting your time.
All the information you need is available from the Registrar of Imported Vehicles.
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