Ralf,

As a technician of twenty years, and a college instructor (automotive)for another twelve years, I've seen many flood-damaged vehicles. In my experience, I wouldn't use one of these to build a racecar, unless you're planning on replacing the wiring harnesses and all associated electronics. The problem is that it's not just water that gets into these components; it's also silt/sediment/salt. These will either cause corrosion or act as a conductor, between wires. If you can buy a flood car cheap enough, then it might be worth pulling the harness and other components from a wrecked car; the new harness and electronics would be too pricey!