Jshummer,
I'm going through the same debate. I haven't really decided to buy yet, let alone what to buy. I have a specific configuration in mind, but I'm not opposed to buying something totally different IF the price is right and I can have it the way I want it without spending a fortune.
The govplanet.com route is going to take a lot of time and hassle, but let's say I'd save $10K. Except that I'll need to replace a lot of parts, pay for hauling it here (at least $1500 in my case), and spend the better part of a year (EUC, shipping, repairs, parts scrounging, state paperwork) before I have a driveable, operational vehicle. Realistically, I figure I'll spend several thousand getting it to the point where the ones I see advertised for sale are already.
Then there's the risk factor. Buying one at auction means I have NO idea what kind of problems there are until it rolls off the truck. I have a place and the time to do routine maintenance, but not major work. If there's a problem with the drivetrain, I'm kind of hosed - it means a lot more time and expense for me. The others I can go look at and drive before buying. I've looked at and driven enough glossed-over POS used vehicles that I think I can spot them pretty well. Yes, I know there could be hidden issues, but it's a smaller risk.
If I had a barn or shop to work in, AND if I had plenty of time and the desire to build my own, I'd buy cheap and put my own time and effort into it. I have neither. I already have a hobby and a couple of major projects I'm working on, so it's worth a couple-few extra grand to me to buy something that I have some reasonable idea is going to be pretty well sorted out, and can have road legal tags on in days, not months.
@Juanprado, I would define a "flipper" the same way I do for houses. A flipper (in that context) buys something undervalued due to its condition, fixes it up and resells for a profit. The guy who buys it from the flipper is going to pay more than the flipper has in it, yes. You're paying for the flipper's time, expertise and assumption of risk. I'm OK with that. My flying partner does the same with motorcycles. I've done it myself a couple of times with electronics. There are good flips and bad ones... some people do great work and some just do the minimum cosmetic work to hide the big problems and get the next sucker on the hook. The challenge is to find a decent vehicle in the target price range.
There are two HMMWVs for sale fairly close to me. One is probably going to be out of my price range, and it's a slantback which I'm not wild about anyway. I'm trying to get in touch with the owner of the other one so I can take a look this weekend. If that one doesn't work out, I may take a road trip to Tulsa at some point. Good luck with your hunt.
Dale