Matt Wild with TowBoatU.S. said the man was driving his brand new BMW at the Seapath Marina when it happened around 1 p.m., WWAY reports.
Wild said the man mistook the gas for the brake and thought he was slamming on the brakes. The car plowed through a fence and then into the water.
The car still had its 30 day tags on it.
Wild said it took their crews several hours to get the car out of the water, finally getting it to a boat ramp around 5 p.m.
The elderly man was able to swim out the window. The car was completely totaled.
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