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Yes, it is totally possible. Just make sure you have a Bill of Sale for legal reasons to protect both of you.HOWEVER, you will have to pay any sales taxes, etc due on the value of the vehicle, not the $1 sales price.

After a vehicle is sold from one private party to another, the buyer can ask for their money back, but the seller generally does not have to agree to cancel the sale, absent a warranty or fraud.

Both the buyer and seller should receive copies of the bill of sale form. It's important for the buyer to keep the bill of sale with the title of the vehicle for registration and licensing purposes, if necessary. However, all parties should keep them for their own personal records.

A bill of sale is more akin to a receipt rather than a contract. Since it is such a simple document, there is no way to truly enforce it.

Sellers can draft a bill of sale on their own, but it's often helpful to use a template. While there are no universal formats or rules for what a bill of sale should look like, the document should include the names of the seller and buyer, a description of the item being sold, and the date of the sale.

The date of the sale. A description of the car, including its: Year, make and model. The selling price of the car. If the car is a gift or partial gift, you should still create a bill of sale. Warranty information. The full names, addresses and signatures of the buyer and seller.

In simple terms, a bill of sale agreement is nothing more than a contract for the purchase of a vehicle between a buyer and a seller.In most cases, the contract is legally binding between buyer and seller as long as the bill of sale follows guidelines required in the state where the sale or transfer takes place.