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The Muffinman

Ok, my situation...

I'm looking at buying a second hand motorbike to ride around Bkk.

One bike that I'm looking at is an 1100 Dragstar. Current farang owner rides the bike with a red number plate (local area only). He's got a mate that works at the registration office who can register the bike for 35000 baht. He'll use an old book from a bike that's no longer in use and replace the ID numbers with the ID numbers of the 1100 Dragstar that I'm interested in.
My question is : Is this 100% legal, and if I want to re-sell the bike in the future am I going to come across any hurdles?

Another bike that I'm looking at is a 400 Honda Steed. Farang owner says it comes with invoice and white numberplate(?). Tax is paid but it doesn't come with a green book. It was imported in 2004 and at first had a red plate which was later replaced with the afforementioned white plate. Owner says the bike's been all over Thailand and there's never been any problems with the bike not having a green book, ie it's fully legal. Is this correct???

If anyone on here has any current info or can answer some of my questions I'd appreciate it. I've tried to do some research on the web but can't actually get my head around this registration thing.

Cheers.