The car was being driven by Korean tourist Young Seok Chang (31) when he disappeared on October 6, 2004.
His body was found almost one month later, near Kingston, but the site of the accident was not known until recreational divers discovered the wreck in 14m of water below the Devil's Staircase last Saturday.
Yesterday, Detective Sergeant Grahme Bartlett, of Queenstown, said the police divers photographed and filmed the car, but no decision had been made about whether to recover it.
Vehicles were routinely examined following fatal accidents. However, in this case the extent of deterioration from being underwater, the cost of raising the car and the benefits of doing so all needed to be weighed up, Det Sgt Bartlett said.
Mr Chang's body had already been recovered and his ashes returned to his family, and police divers had yesterday confirmed there were no other bodies in the wreck, Det Sgt Bartlett said.
