If I got that for a "fair market price", I could drive it around my area with no worries.
Why? Rural America. No major city (unless I moved to the Twin Cities: Minneapolis and St. Paul, Minnesota), cares enough to test emissions, or run cars through any sort of check system.
The only trouble my family's had, was when we bought my mom her 2008 Hyundai Sonata. The couple selling the car sold it for a song (read: less than current fair market price, because they were moving to Hawaii), and the government wanted more proof that it was a legal sale.
Other than that, no problems. We routinely punch out the cats on cars when they become plugged, making them just hollow expansion cans.
Back to the thread though: I would like more front engine, rear wheel drive bodies in game, so I'm all for a gray import body.