If a squeaking noise is heard while turning the steering wheel, the outer tie rod ends may be worn and should be replaced.
Problems for specific Ford Mustang years:
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Most reported 2001 Ford Mustang problems
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.
A creak/pop noise while turning may mean that updated steering rack bushing tubes need to be installed.
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.
The adhesive holding the glass convertible window gives out and the window delaminates from the outer convertible shell. I used 3M VHB 2-sided adhesive tape (the same type that is used to hold glass panels to the outside of skyscrapers) to hold the window back in. It worked great, but long term effectiveness is still unknown.
idle will race intermittently. in spec failure of the throttle position sensor,will not trip a code but sensor will be biased on the higher side and the pcm take the idle up. replace tp sensor.