I posted this video to figure out if anyone knew what this noise was on my Mustang.
This squeak is caused by bad ball joints (Common in Ford vehicles). Typically the noise is heard when hitting bumps in the road and when turning the steering wheel. The noise will go away when there is no load on the suspension (like when the wheel is jacked up off the ground).
A shop may quote you upwards of $500-600 for replacement. Expect about 1.5hrs of labor on each side.
I recommend doing it yourself if you have the confidence and the tools. A ball joint press kit can be rented from auto stores. I highly recommended soaking all bolts/nuts in PB Blaster sometime before starting the repair.
I accomplished the install on my winter driven '94 in 6.5hrs by myself. This included doing both ball joints, an outer tie rod, and a sway bar link.
American Muscle has a How-to.
Ball Joint Squeak
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