The big deal about this is that people don't really know cars or the server has the antiquated view that if something costs script money to prevent newb abuse, it's probably not good to role-play it. That makes zero sense. All it takes is for you to look at listings for a specific model to see what's realistic to role-play.
The prime example of that is the Coquette D10 which is just a Corvette C8 2020 and they go for $60K a pop RNF out of a dealer and no dealer is going to give you a flat $60K on it, you'll get it even lower. In the context of GTAW, it's obviously behind an application because it hits 160MPH in game and it'd be a nightmare to just give out, but that's the point. There's a clear divide between car prices, the ability to acquire one via application, and its portrayal, and they're all meant to be deterrents to bad portrayal. It unfortunately isn't the case.
It all revolves around enforcing an accurate standard and expectation out of role-playing not only finances accurately, but also character ambitions. It's also worth taking into account buying domestic vs. foreign. Foreign cars are infinitely more expensive, especially in the US, up from expensive to acquire to expensive to maintain. That being said, continuity says we portray Los Angeles and generally revolving around California & seeing exotic cars is not novelty at all and supercar spotting is very common.
As far as the system goes, it's a good thing to have the ability to just request a car and make a case for it with Property Management. The point of that also goes with how you role-play the car and most have no or very little idea how to (e.g. the Mamba isn't a $500K Dodge, it's a $14K Mk4 Roadster kit from Factory Five Racing which means it's a knockoff of the original project & requires no shell). For as long as what you portray makes sense and it's as realistic as playable* for the context of the portrayed In Character world and its realities, it's worth continuing the program as is.
@Triple Sevenmakes a good few points about collection cars, mileage caps, etc. I do agree with one point and that is affordability. It's very rare for anyone to actually drop tens if not hundreds of thousands on a car off the bat. Everyone finances, leases, and more often than not can't pay the lease behind closed doors. The ability to have a specific dealership or business in game for actual leases that aren't as straining as the whole PM process for the average player should exist. The ability to lease a specific car for 1 day or 1 specific occasion without relying on players to make something like that should also be explored. Actual car rentals, valet services and acquiring a car that isn't registered to one character per se provides infinite role-play possibilities, especially for illegal role-play: imagine being able to go rent some hooptie with a fake ID for some cash and getting up to nefarious shit with it. Or on the other end, a high profile legal character renting a supercar for a day or a few hours to go make an impression at some event.