A lot of harley davidsons motor bikes were done like this when the dollar was a lot higher.
I personally know a few people who did but when they came to sell there bike it was worth thousands less than a equivalent one that was a genuine australian market bike.
When the VIN numbers were checked the states one is different to the aussie one so for the decrease in sale price.
Privately imported cars may sound good in the short term but someone will always work out a way to get you along the way or screw you over.
