Colder intake air increases the the thermodynamic efficiency of any combustion engine on top of being denser and allowing you to burn more fuel. From what I've seen pulling the intake silencer and putting in a stock replacement K&N gives just as much gain as a cold air kit (2-5 hp).
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Strike down the unroadworthy!
2000 GT Atl. Blue: '03 Cobra motor - 465rwhp/473rwtq, T-56 6-speed, full MM TA/PH & tubular K-member suspension, Saleen body, 17" Torq-Thrust II's, M/T ET Street radials, and lots more
'94 Rio Red Cobra: All the bolt-ons, 3.73s
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