Police suspect that a two-door Camaro Z28 coupe could not have been submerged near the Raymond Terrace boat ramp for more than a night before it was discovered on Sunday morning.
Investigators suspect that the car was stolen, parts including the exhaust were stripped from the vehicle, and it was dumped at the popular launching spot near Fitzgerald Bridge sometime overnight.
Police were in the process of identifying the owner of the unique late-model sports car on Sunday after they were called to the boat ramp about 8am on January 14.
A recreational boater had reportedly collided with the submerged vehicle, and quickly raised the alarm.
Police divers were called from Sydney after initial concerns for the safety of the occupants of the car. The specialists retrieved the vehicle around 12.30pm, after confirming it was empty, with the assistance of the State Emergency Service.
Access to the ramp was barred for the operation that stretched into the afternoon, as the heavily damaged vehicle was salvaged.
Acting Inspector Wes Taylor said investigators were working to find out how the vehicle, which appeared to be unable to be driven when it went into the water, could have ended up sunk several metres from the water's edge.
Damage from the boat's propeller was visible across the bonnet, and the windscreen was smashed-in, either caused during the collision with the vessel or caved in by thieves looking to ensure the car sank.
There has been no reports of injury, and Sergeant Taylor said he was unaware of any outstanding reports of a stolen vehicle matching the wreck's description.
Investigations are continuing, he said.
Anyone with information has been urged to contact CrimeStoppers on 1800 333 000.
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