* Brake fluid: This is the most likely culprit. Brake fluid is hygroscopic (absorbs moisture), so it's important to address a leak promptly. Look for leaks around the brake calipers, wheel cylinders (if it's a drum brake system), brake lines, or master cylinder. A low brake pedal or spongy brakes would confirm a brake fluid leak.
* Power steering fluid: Less common to be bright red, but possible. Check the power steering fluid reservoir level. Look for leaks around the power steering pump, hoses, or rack and pinion. Difficulty steering would suggest a power steering fluid issue.
* Transmission fluid (some automatics): While typically red or reddish-brown, this is less likely to be bright red. Check the transmission fluid level. A leak here would usually be accompanied by slipping or other transmission problems. Transmission leaks often appear under the car, near the transmission pan.
To diagnose the problem, you need to:
1. Locate the leak: Pinpoint the exact source of the leak as accurately as possible. Take pictures if you can.
2. Identify the fluid: If you can safely collect a small sample of the fluid, the color and consistency can give clues. Compare it to the known fluids in your car (check your owner's manual).
3. Check fluid levels: Check all relevant fluid levels: brake fluid, power steering fluid, and transmission fluid.
4. Inspect hoses and lines: Look for cracks, bulges, or loose connections in hoses and lines.
5. Check components: Inspect calipers, wheel cylinders (if applicable), the power steering pump, and the transmission pan for leaks.
Warning: Brake fluid leaks are serious and should be addressed immediately. Driving with low brake fluid is dangerous. If you suspect a brake fluid leak, do not drive the car until it's repaired.
If you're uncomfortable performing these checks yourself, take your Mustang to a qualified mechanic for diagnosis and repair. Providing them with the location of the leak and any observations about the fluid will help them quickly identify the problem.
