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Garmin's nuvi 265WT and nuvi 760 currently cost about the same amount. So which one should you buy? The short answer is that most people will be better served by the newer nuvi 265WT. However, the 760 does offer some specific features that might make it a better fit, depending on how you'll be using the GPS.
When the nuvi 760 was first released, it cost close to $600. Since then, pricing has steadily come down, and today, the 760 sells for around $230 -- almost the exact same price as the newer 265WT. This pricing only adds to the already challenging task of figuring out which of Garmin's many nuvi models is right for you.
Let's take a closer look at the differences between the two units.

Figure 1: nuvi 265WT vs nuvi 760, Top
Physically, both units are very similar looking, but the 760 has a slight advantage. Both have a 4.3-inch LCD display with identical screen resolution and brightness, but the 760's case looks slightly more refined, with a chrome colored band around the center of the device.

Figure 2: nuvi 265WT vs nuvi 760, Left Side
Both models have an SD memory card slot for adding maps, photos, and more, but only the nuvi 760 has a headphone audio jack. Not only can the audio jack be used to connect headphones, it can also be connected to your car's stereo system (either by an audio input jack if you car has one, or via a cassette tape adapter like the kind used for portable mp3 players).

Figure 3: nuvi 265WT vs nuvi 760, Back
The nuvi 760 has an external GPS antenna connector on the lower-right rear of the unit. The 265WT does not support connecting an external antenna (most users won't need an external antenna, unless you're mounting the GPS in a location that won't have a clear path to the sky, such as a large RV or semi truck).

Figure 4: nuvi 265WT vs nuvi 760, Power
The nuvi 760 receives power via the connector on the bottom of the unit that slips into the windshield mount dock. That means you don't have to connect or disconnect the power cable when docking or undocking the 760 -- just click it into the windshield mount and the GPS will automatically power up and be ready to navigate.
The nuvi 265WT, on the other hand, does not have a powered windshield mount, and you must connect the power cable to the back of the GPS every time you want to remove the device from the car. Not a huge deal, but it's not as convenient as the 760.

Figure 5: nuvi 265WT vs nuvi 760, Windshield Mount
As previously mentioned, the nuvi 265WT doesn't have a powered windshield mount. The nuvi 760's docking cradle not only provides power (the 12v cigarette lighter power cable connects to this docking cradle rather than the GPS directly), but it also has a microphone jack for connecting an optional external microphone for improved hands-free speakerphone performance.

Figure 6: nuvi 265WT vs nuvi 760, Docked in the Windshield Mount
Docking and undocking the GPS is easier and faster on the nuvi 760 than the 265WT. Again, this isn't a huge issue, but it's worth acknowledging.

Figure 7: nuvi 265WT vs nuvi 760, Traffic Receivers
Here's where the tide starts to shift in favor of the newer nuvi 265WT.
Both units include an FM traffic antenna built-in to the power adapter. However, the 265WT includes free lifetime traffic, while the nuvi 760 includes just 3-months of free service, after which you'll have to buy a traffic subscription from Garmin for around $60 if you want to keep using the traffic features.
It's worth mentioning that the nuvi 265WT's free traffic service is ad supported, which means the GPS occasionally displays contextual ads. Most users don't find the ads intrusive, and are willing to trade an occasional ad for free traffic service.

Figure 8: nuvi 265WT's Ad-Supported Traffic Service
Here's an example of an ad being displayed on the traffic-enabled nuvi 265WT. I don't find the ad too distracting, and ads never appear on top of navigation instructions or otherwise interfere with the map information. Still, if you just don't want to see any ads, you'll either have to buy a different traffic receiver, or consider a different model.

Figure 9: nuvi 265WT vs nuvi 760, Map Screen
The nuvi 265WT benefits from an updated map screen. Compared to the nuvi 760's older map screen, the nuvi 265WT adds an upcoming turn arrow that displays the distance and direction of the next turn. Also displayed on the map is your current speed. The zoom buttons have also been re-positioned, and the information bar across the bottom of the screen has been reduced to show more map area.
The 265WT's upcoming turn arrow is a very important map enhancement that makes driving significantly easier, and is the single most compelling reason to buy a 265WT over a 760. Without it, nuvi 760 drivers must tap the green information bar across the top of the screen to see a detailed view of the next turn in order to know whether they'll need to turn right or left.

Figure 10: nuvi 265WT vs nuvi 760, Traffic Alerts
Both units are traffic enabled. If a traffic event is received that will impact the planned route, both units display an alert on the map that indicates the expected delay (in minutes). The alert icon is slightly different, but functionally identical.

Figure 11: nuvi 265WT vs nuvi 760, Address Confirmation Screen
Another nice new feature is the nuvi 265WT's ability to display the route summary on the address confirmation screen. After you've entered a destination address (or POI), the 265WT displays the distance and estimated drive time before you even begin navigating.

Figure 12: Where To? Menu
Most of the interface is almost identical on both units.

Figure 13: Nuvi 760's Routes Feature
The nuvi 760 supports multi-destination routing, allowing you to build and save trips that involve multiple stops. Addresses can be manually re-ordered, or the nuvi 760 can "optimize" the route, sorting the stops by distance.
The nuvi 265WT does not have this feature.

Figure 14: Nuvi 760's FM Transmitter
Another feature found on the nuvi 760 but not included in the 265WT is the internal FM transmitter. The nuvi 760 has an internal FM transmitter that lets you use your vehicle stereo system by broadcasting the nuvi's audio to an unused FM radio station. Set the nuvi and your car's stereo to the same FM frequency, and the nuvi's audio is heard through your car's much better, louder speaker system rather than the single speaker on the nuvi 760.
The nuvi 760's internal FM transmitter is woefully underpowered, and doesn't work well in areas with a crowded FM dial.
In many respects the nuvi 265WT and nuvi 760 are quite similar: both have a 4.3-inch widescreen display. Both have Bluetooth for hands-free calling, text-to-speech (speaks actual street names), and map coverage of North America (USA & Canada). Since the nuvi 760 was first introduced, Garmin has rolled out some nice enhancements that have been included in the newer, albeit "lower end" nuvi 265WT, such as an updated map screen, and free lifetime traffic service.
Compared to the nuvi 760, the 265WT offers a better map screen, free lifetime traffic, GPS HotFix technology for faster signal acquisition times (it gets GPS signals faster than the 760), and a few usability enhancements. Compared to the nuvi 265WT, the 760 offers nicer hardware (including a powered windshield mount), multi-stop routing with route optimization, an FM transmitter, audio out jack, and external antenna connector.
Unless you have a specific need for one of the nuvi 760's features, the 265WT offers a better map screen, and is the unit I prefer between these two models.
Detailed reviews of both the nuvi 265WT and nuvi 760 are available on this site.