He got his seatbelt off and pushed his way out of a window and through mud and water to reach the surface.
"All of a sudden I was underwater, just completely submerged ... I just thought I've got to get out.''
He estimated was underwater for about 20 seconds.
Mr Dear needed a few stitches, but other than that suffered only whiplash, bruises and grazes.
"I'm definitely the luckiest man in Queenstown I think,'' he said.
"The seatbelt obviously saved me''.
Arrowtown fire station station manager Greg Potter said yesterday that emergency workers were amazed he survived the crash.
He called it a miraculous escape.
"How the hell he got out, we're still shaking our heads,'' he said.
"That man should go and buy a Lotto ticket, but he hasn't got any luck left I don't think''.