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Cars are always louder on cold start. Not sure why but I'm guessing it's emissions related. Your cats don't work when they're cold so there's probably a provision to lean out the air/fuel mix or retard the timing to heat them up as quickly as possible. I also think I've seen my C5 run at higher idle when very cold.
The idle airflow is greater at cold start. The mixture is also richer.
These items are set up in the tune.
Ron
ron got it before i could. your o2 sensors dont start to change the tune til they're warmed up and in closed loop. i forget what temp that is.. but a fresh start is always richer = louder. before tuning my car with the headers it was so loud that people even commented on "did you change your exhaust out?" afterwards.
All vehicles will have a richer & faster cold start. The greater rpms will certainly contribute to make more noise. A stainless exhaust is much louder cold than it is hot.