GT7 already has the third-largest list of contemporarily modelled cars in the series, at 562. Depending on region, GT2 had about 620 cars and GT4 had about 730 cars - and GT5 and GT6 reused almost all of those cars plus all of the regional variants of them, with about 470 "Premium" cars in GT6.
Considering the time spent modelling them is a full order of magnitude (and then a multiplier) larger, and includes interiors for the most part now, it's a good tally.
As for "very up to date"... GT4 famously had two cars from 1886, the 1915 Model T, a 1930s streamliner, and a bunch of cars from the 1950s (including a 2CV and some FIAT 500s). About 35% of the car list at launch was from the most recent five years. It's difficult to draw a direct comparison with GT7, due to the number of concept cars and game-specific race cars without a specific date, but at launch there were about 110 cars from the most recent five years - or just over 25%.
That has leaned out quite a bit now, because time has continued to pass. There's been fewer last-five-years cars added, while four years have been added, but still some. GT4 of course added none, and by the time it was succeeded by GT5 had absolutely no cars from the past five years unless you include the Nike One.
It's also worth noting that GT7 doesn't go quite so hard on what's been termed "duplicates". While it was a somewhat over-used term and people liked to wave about the 50-odd Skylines (lumping together six generations and road and race cars), there were more than a few instances of only vaguely different cars that were paint, wheels, and a couple of horsepower/tens of kg different.
Flagging the "outdated" car list because it's missing a 13-year old car is odd.
