by 
The Curious Bag
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<h4 class="dechead">On One Hand: The Benefits
Cold air is more dense than warm or hot air, and expands more rapidly inside your engine as well, providing a rapid supply of oxygen to your hungry engine. These factors lead to enhanced fuel combustion, which leads to improved fuel economy. It may also result in a very slight uptick in horsepower. In addition, all that cold air will help keep your very hot engine compartment a little cooler.
On the Other: Possible problems
Any fuel condensation that forms inside your engine may have difficult evaporating as it normally would because the air may not be hot enough to allow it. Also, in colder weather, problems with ice forming inside the cold air intake may occur. This may cause the cold air intake to be a hindrance to airflow rather than a help.
Bottom Line
Cold air intakes are more ideal for vehicles operating in warm temperatures. Problems associated with cold air intakes may arise when operating in colder temperatures.
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