Officers were called to Clover Point at about 1 a.m. Friday after a witness saw the vehicles plummet off the end of the rocks and crash about 12 metres below.
Police say the two 20-year-old Richmond drivers and one passenger were relatively unharmed.
Officers say the witness reported that both cars appeared to be speeding towards a bend and failed to stop or turn in time, propelling the vehicles off the embankment.
Police say the drivers were not impaired but have been issued tickets for driving with undue care and attention.
The fire department towed away the 2015 Ford Mustang and 2014 Infinity Q50.