Over 700. But a few vehicles I have purchased multiple times so that I can tune them differently for different applications (ie: I own 4 or 5 Ford GT LM Spec II Test Cars, one stock, the others tuned for different tracks/applications). If GT5 had tuning setup saves I wouldn't have to buy multiples of the same car. If you don't count the multiples, I probably have about 680 unique cars in my garage.
I pretty much have every car that I want in the game. I'm no longer trying to buy them all. I don't feel the need to have every variation of some of the more redundant models in the game. I'm still watching the UCD for duplicates of certain cars that I already own for alternate tunings though. And occasionally I attempt to trade for certain standard model cars with zero miles on them.
This part is off topic but I would really like to see a tuning setup save included in a future update for GT5. It would make buying multiple copies of the same car, just to tune them all differently completely unnecessary.