Here is video of it actually crashing into the lake (better watch it before it gets pulled ... )
Scroll down to see it: http://jalopnik.com/5404403/exclusive-video-of-bugatti-veyron-actually-crashing-into-texas-lake?autoplay=true

Most insurance companies here in the U.S. will write off a vehicle if the water damage repair cost reaches a certain percentage of the car’s value. Water (especially salt water) is never good for any vehicle, as it ruins the interior (mold and mildew has been a noted problem of cars that were submerged in water) engine, electronics, wiring, etc. It can also damage a vehicle cosmetically, if the said vehicle hits the water at a certain speed.

Unless the owner of this car is dead set on keeping it, he/she will likely just buy another one (which is what is likely to happen) I would never buy a vehicle that I knew had been submerged in water, even if it was considered fresh water.

"dropped his cell phone"
even with a 1M$-car, people can't afford a handfree device to phone?

@Neptune: a car, which was submerged in water, even salt water, is not neccessarily totaled, if it wasn't there too long. The most important and expensivest question is, if the water could come (over the intake-manifold or the exhaust) into the cylinders. In this case the whole engine has to be mounted into pieces. This repair is possible, but quite expensive.

The rest is not a too big thing. Sure, some electronic stuff can be broken, but just electric things like wires, the battery, are usually water-resistant. Broken can be also interior-stuff, which was made from paper, like door-panels.

It's neccessary to move out the whole interior, dashboard, etc., for cleaning everything with high-pressure-water, pick out the dirt and let dry it carefully.
So the metal parts will be o.k., the plastic stuff anyways. What else shall happen? The brake-system is capsuled, the cooling-system, transmission and gearbox, too. You always have water and dirt unterneath the cars and into the engine-room, too.

Non water-resistant cars are junk and not usable, even if they not are submerged - for example the Ferrari Testarossa. A friend of my Japanese friend owns one. No kidding, it's not possible to use it at rain-weather. Then the water is dripping not only on the driver's head, also onto the ignition-system.
My friend really says, that the quality of Ferrari is really bad, worse than a junky Fiat Uno and even worse than a Maruti.

I also remember owners of Maserati Biturbo speaking about electrical problems after taking the car into a carwash

Air Purifier wasn’t so tough ...
http://www.youtube.com/watch?v=0g67Ivk5EsQ

... and tagging a police car (stupid, stupid, stupid)
http://www.livevideo.com/video/F9B83259FF9245FA992B66422E2881DB/tag-a-cop-car.aspx

Good that he tagged the Crown Victoria rather than the Caprice at its side

It is now revealed, the person who crashed the car owns a business that sells salvaged exotics (link). Irony or self-promotion?

Its stupidity, I also read a claim that the crash was staged (trying to explain how someone could have a camera trained on a rare million dollar car just as it makes a bee-line for the lake) They said the odds were astronomical. I do not know if it was pre-planned or if it was a honest accident. If the car had already been salvaged from a prior accident, then this "accident" will severely hurt its value.

Here’s a video clip of the North Carolina I-40 rock slide. I was going to post this before, but kept slipping my mind. Interstate 40 is a route I sometimes take when driving up to the mountains of NC and TN (it’s the route I took just a few weeks ago)

http://www.wral.com/traffic/video/6280943/

http://www.youtube.com/watch?v=Exu3ScrYf_I

That would have been nice to happen while on my vacation, boulders raining down on me (!) I guess antp would list me in the unknown admin group once I didn’t comment for a while ...

Another small rock slide closed highway 64 in TN, some time after the rock slide on I-40 in NC ...
http://www.youtube.com/watch?v=ZVYGJYnJTi0&feature=related

A man steals a International semi tractor trailer truck, and leads police on a wild chase.

http://www.youtube.com/watch?v=rQiPAyCVyWM&feature=rec-LGOUT-exp_r2-HM

http://www.koreus.com/video/luca-di-montezemolo-ferrari-california-gravier.html#
a Ferrari driven by the director of Fiat (so Ferrari), with Felipe Massa & Fernando Alonso as passengers, ends in a shameful situation

Do they have rear wheel traction control? He should have known better.

2002 Ford Excursion XLT and Nissan Patrol (I guess) crossing Iceland.
http://www.youtube.com/watch?v=e0ok_bRgRyk&feature=related

2008 Ford F-250 Super Duty (it has a camper top over the open bed) 2005 Ford Excursion Limited and Land Rover Defender
http://www.youtube.com/watch?v=zWc9gxYpgnI

http://www.youtube.com/watch?v=Gw-AxiVqihM
Good compilation of DTM 'golden years'.

Dont know if this one belongs in this topic but I found very instructive.

"How Differential Gear works"

http://www.youtube.com/watch?v=K4JhruinbWc&feature=PlayList&p=2CD5AFF1CA0C9A2F&index=- 6

Indeed, a nice video showing how a open differential works. But what it doesn’t show is the dark side of open differentials.

A "open differential" allows for unlimited rotational speed difference between the axel shafts while splitting engine torque equally between the two drive wheels during normal driving. It’s the most common type of differential used in vehicles. It allows one wheel to infinitely turn faster than the opposing wheel while making turns. This makes the vehicle turn better, improves handling, reduces tire ware and virtually eliminates drivetrain binding and torque wind-up.

But if one wheel loses traction, the open differential will allow almost all of the torque to flow to that very wheel, leaving the opposing wheel with traction, helpless.

A good example is if a wheel is slightly lifted off the ground (resulting in complete traction loss, this event can sometimes happen off road) Take a 4x4 vehicle which normally has two differentials, front & rear (if its 4x4 system can be engaged on pavement, it will have a third center differential) When crossing a ditch one wheel will be lifted off the ground the lifted wheel will receive almost all of the supplied torque. Thus leaving the grounded wheel with not enough power (torque) to propel the vehicle forward. Open differentials are not good for 4x4 vehicles used for off road, but are more than adequate for cars or other on road vehicles.

"Electronic traction control" is used to control the undesired behavior of open differentials. If one wheel loses traction, a apply and release ABS brake cycle is initiated on that wheel. Breaking the said wheel causes resistance, which in turn causes the open differential to send some of the torque back to the opposing wheel with traction to propel the vehicle. Under normal driving conditions it allows the open differential to function as normal.

"Mechanical limited-slip differentials" perform the same as electronic traction control, but instead of using the ABS brakes, it uses an internal device (usually a clutch inside the differential case) to send some of torque back to the wheel with traction. The axle shafts are never completely locked. Under normal driving conditions it acts like an open differential.

Electronic traction control and mechanical limited-slip differentials can only send partial power to the wheel with traction, not all of it. As a result, both traction systems may not be able in some situations to deliver enough torque to the wheel (with traction) to get the vehicle moving.

"Mechanical locking differentials" can lock-up 100% when one wheel loses traction. Like electronic traction control and limited-slip differentials, locking differentials can send torque to the wheel with traction. But unlike them, locking differentials can send all 100% of the supplied torque to the wheel with traction. It does so by completely locking the axle shafts together (usually via clutch or gears) Under normal driving conditions it acts like an open differential.

Most vehicles (including 4x4s) use open differentials with electronic traction control. Some vehicles are still offered with limited-slip axle differentials, but electronic traction control has largely replaced the limited-slip differential as it performs the same with less complexity. Locking axle differentials are rarely offered by manufacturers as standard equipment. Most do not offer them at all. Locking axle differentials are largely a aftermarket item.

These three commercials are so freaking funny, I can't get over it. It advertises the Norwegian produced Japp candy bar which strongly resembles the Mars candy bar.

http://www.youtube.com/watch?v=3bn5RygdfJk

the first one is "as old as internet" but still funny to see it

Neptune, whenever I think of differentials, i think of the movie "My Cousin Vinny"

BTW, some cars do not use wheel braking for electronic traction control. My Taurus retards engine timing instead of braking the slipping wheel. When I had my car on the lift and the technicians were troubleshooting a vibration, they thought the trans had died because no matter how much gas they gave it, the wheels didn't spin and the engine sounded labored. Turns out no one turned off traction control because the system detected the rear wheels not spinning and/or the front wheels were spinning at drastically different speeds.