Cobra has released the NAV 4500, a portable navigation device that offers real time traffic reports that can help you avoid those traffic jams on the way home.

Thanks to a deal set up with Clear Channel Radio, the device will receive traffic updates over FM radio using Clear Channel’s Total Traffic Network. And partnering up with Tele Atlas will give the device street level maps.

Where will the device work? Updates on congested roads and construction zones will be broadcasted in 48 major metropolitan areas. That will work for 70% of the US population.

Cobra’s NAV 4500 will feature a 4.5″ touch screen and a matchbook sized receiver. You can expect to pay $1,099.95 for the device which comes with 3 months of service. After that you’ll be paying $59.95 per year for your real time traffic updates.

Conclusion? A really cool GPS.