Is a cold air intake worth it for a 2008 Chevy cobalt LT?

Byron

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I was told by friends , who are into the whole street racing thing that, a cold air intake will increase my mpg and horse power. If so by how much, and is it worth the money? They recommended i get a K&N intake. Right now i am getting 27.1 mpg and according to the manual 148 horsepower.
 
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