A bit harsh here aren't we? Some people don't have much of an idea on how they are made. Isn't that why this thread was made?
I just recently graduated from a 3D Modeling program, and learned that most games that have licensed vehicles, actually get the AutoCAD files from the manufacturer, and cater those files to their needs. I wouldn't be surprised if this is the case with GT, because of the sheer number of vehicles. It can take atleast 3-4 weeks for an expert modeler to model a car as accurate to what we have seen, lets say in GT4. This is providing they have had years of industry experience. I built this for my demo reel, and it took me atleast 500 hours form start to finish. I don't know the exact numbers, but the premium cars probably have somewhere in the range of 200000-300000 polygons. My model was 800000+. Most of it is in the wheels, radiator, and intercooler. I also use Maya as PD does for GT. Great 3D package, that seems to be making its way to being the norm in film, games, and the animation industry. I use it at work, home, and started learning it just 2 years ago.
http://2.bp.blogspot.com/_AAT6PkMc8i0/TCwLYjGxF3I/AAAAAAAAACE/gqRlQO6DO0k/s1600/dirt_still_env.jpg
http://4.bp.blogspot.com/_AAT6PkMc8i0/TCwLdDgV7AI/AAAAAAAAACM/D9degXwoCR4/s1600/still_studio.jpg
Photoshop would have been used to paint textures. I doubt the team painted all their textures from scratch, and used alot of photo manipulation and photo reference for textures.
After going to school to learn this stuff, I look at game art and screenshots like the ones we are seeing much differently. Even through my artistic eye, the GT5 car models are simply amazing. I give PD and KY an incredible amount of credit and respect for what they have been able to show us with the premium cars so far. 200+ premium cars is an amazing feat. The people that sit here and whine about only having 200 don't know what goes into it. For PD to model these premium cars, they have to start by scheduling photo sessions so they can take thousands and thousands of photos if everything possible. That costs money if they are rare, or expensive, sought after cars (ie: Miura, 60s Le Mans race cars, hypercars, etc). Next, either scan the car with 3d technology that can record an objects surface in 3d space. If not that, start from the AutoCAD model from the manufacturer. Spend weeks refining the model for the game. Then, textures. Very tough and grueling reproducing these cars to their exact spec. I'm sure the entire process for one car can take a few months from start to finish.
Congrats PD, you have blown my mind, and it's not even November 2nd yet!