Both of my cars have factory paint (and so did my Nightwatch Blue Mirada base car). There may be something to the repaint thinking; back then, there were a lot of paint shops using regular enamels and lacquers still. The fumes from those paints may have something to do with the fender caps hardening up and then disintegrating.
A few years back, a friend of mine and I got a pair of rear fender caps from a Cordoba (may have been a Mirada) in a tannish/gold colour off a car in the local Pick'N'Pull for a board member. We had to work on it a bit, but the caps came off in one piece, and were still quite soft, as in they would flop around if held by the part that fits on the bumper. Still flexible as you could imagine. I'm pretty sure it was factory paint on that car.