Detective Senior Sergeant Greg Turner said they found the black Nissan Skyline coup taken from Mount Maunganui College on Friday morning, at about 3pm yesterday in bush on Trig Road North at Waihi, about 5kms from Waihi.
It was found in a semi-remote area by members of the public and police were keen to talk to anyone who may have been in the area between 1pm and 3pm yesterday.
The car was now undergoing a forensic examination.
It was difficult to identify the robbers because of their disguises, Mr Turner said.
Police did know they were three males of medium build and one was Caucasian.
" (They had) been disguised with a Casper the Ghost type white polystyrene mask - a roundish white plastic or polystyrene full face mask, something a kid would wear at Halloween."
They also wore hooded sweatshirts and dark coloured trousers, Mr Turner said.
A Te Puke jewellery store was robbed about 11.30am on Friday, followed by the Kati Kati Paper Plus store at 2.25pm, when three disguised offenders with a sawn-off shotgun stole a small amount of cash.
Mr Turner said it is still too early to link them the robberies to a recent spate of robberies in Waikato.
Anyone who had seen people in a Nissan Skyline acting suspiciously, or the abandoned Skyline in the Waihi area should contact Tauranga police on (07) 577 4300 or 0800 SPEAKUP.