When I went through the Holden factory when they were building VR or VS Commodore, they were transitioning to water-based back then (about 1995). Not sure if it is that or the ozone layer causing the clear coat to degrade so badly in the sun.Wife's Yaris has the metallic paint. If it's not looked after it can deteriorate. Hers is peeling the clear coat on the roof from out in the sun. I think it's water based.
Here is my sedan back in 2003, and a more recent picture of what's left of it