ANSWERS: 2
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Probably to make it look nice and to protect it from rusting. In other words, to make it attractive to the buyer.
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It is easier and cheaper to paint the whole ring, teeth and all, than to try and paint just the bits where the paint has a chance of staying. After a little tifing, all the paint on the teethe will be gone, but the rest of the wheel will still be black. The alternative would be to leave the whole wheel plain metal.
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