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While driving my steering seems to float left and rght not alot just a lil bit each way. (no i was not drunk or high) but it's weird...i am suspecting something related to sway bar but dont know fer sure. ALL of the front end bushings are polyurethane (sway bar mounts, radius arms, end links etc...) this is weird if it helps before this the steering wheel would "stick" to one side or the other, and was not brakes dragging as i had thought. that problem "went away" and this one took it's place.
My guess is the power steering gear is cooked. Our '94 XP has the "sticking" problem right now; has had it for five years actually. When my mom had the vehicle she took it to repair shops and even the dealer and nobody could ever find anything wrong. They lubed all the linkages, etc. but never fixed the problem. There isn't really anything else it could be, other than a binding in the steering column, and your progression of the problem indicates that the column isn't it. I recently disassembled the ps gear on my '72 F-250 and, after seeing how the things are designed, I can easily see how one could get "sticking" followed by looseness as the condition deteriorated. I think I'll start planning on replacing the ps gear; it's not too expensive. However, if anybody else has other thoughts I'm all ears!
Figure around $150 or so for a reman (Cardone) unit; I've seen them online for about $135 and the local parts stores tend to be 10-20% higher. I'm in Houston so the parts places are pretty well stocked. There's tons of these vehicles on the road, though, so it should be pretty easily to get one just about anywhere. I would hate to see how much a dealer would want....