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To hide it out of sight you can easily run the cable to the ashtray area, cup holder, armrest (can get hot in there), or glove box.
If I ever switch from a permanent ipod to using my phone in the car I've considered something like you pictured but I was thinking about removing the cig lighter socket next to the ash tray and installing it there, or possibly fabricating a plate for where the ash tray itself is.
question does this cable attach to the factory stereo? i am thinking of replacing my(09) but if i dont have and all i need is the usb link then i'll just use that instead