It is not uncommon for the intake manifold and/or valve cover gaskets to develop a coolant or oil leak. Leakage from the intake manifold may result in coolant in the engine oil. Coolant mixing with the engine oil severally impacts the lubrication ability of the oil. Internal engine may result if this condition is not repaired promptly.
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Repairpal verified 1998 Ford Mustang problems
The magnet for the camshaft position sensor may fall out of its mount and damage the synchronizers. This causes long crank times when starting the engine and may cause the Check Engine Light to illuminate. If this happens, both the magnets and the synchronizers need to be replaced.
If a squeaking noise is heard while turning the steering wheel, the outer tie rod ends may be worn and should be replaced.