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In some states you can register it as the year the conversion was/is done. What that means is that, in some states, you could take your 1984-85-86 bus and, if you did the conversion in 2008, it could be registered as a 2008 model!
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I would think many states would just accept the year off of a previous title or registration document, unless they have the rebuild rule and it affects the initial body conversion. I think here, rebuilds go by the frame year, but a camper conversion isn't considered a rebuild. I'll have to confirm that with my contact in DMV. I've heard If you wreck your 2008 pick-up, and rebuild it on a 1985 frame, you now have a 1985 truck, despite the appearance.
On the minus side, an older designation negatively affects resale and insurance values. On the plus side, being older may reduce excise or luxury tax assessments, and avoid raised sales tax minimums. Also, most safety and emission rules are added on based on the year of manufacture. The latest emissions requirements might make a rebuilt 'new' old bus inoperable without an engine swap.
In building an old bus to be like new, I would prefer to have the choice to meet all the modern requirements I thought were important, rather than having every single one forced on me. For example, I would never drive away without putting on my seatbelt, but I don't appreciate a buzzer telling me I started the engine first while I settle in, as is my practice.