I have a 2004 Element EX approaching 130k. I've always been very happy with the car with the tiny exception of gas mileage which I always thought could have been better. My question is should I now spring for a cold air intake (e.g., a K&N) to improve mileage and overall performance? Any and all help/suggestions/advice would be greatly appreciated.

Now I find that, rather than improving the car, it is being discontinued after the 2011 model year, but that's anther issue.

 

A CAI will only make negligible changes to your MPG and performance, I wouldn't get one just for that purpose.