For anyone considering this, be aware it is VERY DIFFICULT to re-register a 'flooded' vehicle in NZ. It's more or less impossible. A car is marked 'flooded' by the insurance when it is written off. You have to replace every electronic component in the car and show them (the inspectors) all the damaged ones, or something along those lines. A friend attempted this with a very expensive car and ending up giving up, the regs are completely unreasonable and impossible to meet (for reasonable cost).
In my friend's case, the car was imported from Oz somewhat without realizing the 'flooded' label on the car would carry over to NZ. It did and he was unable to register it, despite the fact that it was absolutely roadworthy and drove perfectly.