My side mirrors on my red 93 are faded. I've seen this on many other red FD's as well. Is there any way to cure this problem.

 

Yep - seems that way. I think it's because they are plastic.
You might want to try some medium cut rubbing compound, you might be able to get to some new paint underneath but go at it easy and follow up with a couple of coats of wax. Other than that they would need to be repainted. A bummer since VR is a custom color.

 

Yup same here. I just recently removed the mirrors and the headlight covers and took them to a body shop. They matched the color perfectly. I got all four pieces painted and color sanded for less than $200 out the door. They apreciated me removing the pieces from the car and gave me a good deal.