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Typically LED lights require much less power than incandescent bulbs so they are more efficient. But tail lights do not consume much power, so it would take a few hundred years for you to see a return on your investment. LED lights are a fraction of a second faster, I am not sure how much of a real benefit this is.
Some prefer LED's because they are more robust and this is generally the case but I have seen some very bad LED designs that dont even last as long as an incanedescent bulb.
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