Check out some vapor pressure calculations, warm air holds a lot of moisture. (To be clear, if any moisture is available, warm air holds more than cold air), When it goes below freezing it will really dry out. I'm just saying that colder air is more dense due to less molecular activity (warm air rises, cold air sinks), has more oxygen (and nitrogen) because there is less humidity to take up some of the volume. Any humidity in the air also keeps down max temps in the combustion chamber as well. Really, engines run better with cold air intakes, too bad the rest of the vehicle can't take advantage of it.