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It varies by state. I have been in the market for a DUKW for a long time and very few of the surplus ones have good titles and very few are registered. The tour company versions are titled, but those are all reproductions built for the tour industry.
Not if history is a good indicator. All the stuff that can't be registered appreciates the most. DUKWs, Halftracks, Tracked vehicles. Most likely because they get the least use and stay in the best shape. The old Gasser 2.5 tons and such that were registered got beaten to pieces and scrapped...
I am pretty sure that Arizona is one of the states that no longer register HMMWVs; which might explain why he hasn't registered it.
Also check up on insurance before making a purchase, it can be really difficult to obtain even on a Civilian H1 and worse of a HMMWV.
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