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Regardless of the Meredith effect (wich isn't realy significant at the speeds we're going anyway) water cooling is more efficient in cars as it has far lower parasitic losses than air cooling in cars.
Allthough a ducted radiator has proven to massively reduce cooling losses, Porsche 911 (996) for example has less than 1% of its aerodynamic drag in cooling losses, where as aircooled Porsches wasted some ~10% of their engines power output on their blower alone.
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