Is it worth exporting vehicle from the NJ to Toronto or better to sell one here and buy there? Would love to know pros and cons by those who have already done this.
I am planning to export 2011 Dodge Challenger.
With the settler exemption on taxes for personal effects, including your personal vehicle(s), it's generally less costly in terms of both time and money to import a car than to purchase the equivalent vehicle in Canada, unless you were planning on getting a new vehicle in the near future anyway.
Realistically, a lot of the decision depends on things like how attached you are to the car, whether you anticipate actually needing it (for example, you might plan on using public transportation), and the condition of the car itself. Keeping a car in Toronto can be fairly expensive in terms of insurance and parking, and traffic can be very bad at times. Understandably, though, cars can be very helpful for transporting large items or traveling outside of the city.
For cars without major issues that you plan on using for at least a few more years, importing is a much more favorable option. Note that one of the conditions of importing the vehicle tax-free is that you cannot sell it within a year of importing it to Canada. Consider also that you will initially have no credit in Canada, so financing a vehicle may be more difficult and more expensive (though it can be done).
Personally, I imported my 2014 Prius because I am fairly attached to it and plan on driving it for at least 5 more years (car gods willing). It's a good car and I need a vehicle where we've settled since there is no public transportation out here.
