Don't wait too long. As others here stated it is likely leaking on the alternator, this happend to me. I saw nothing on the floor. I have 65 Mustang too, which is very obvious when something leaks.
I Didnt hear the noise, THE FIRST TIME. The alternator went and I was stuck! Thanks AAA. Dealer wanted TOO MUCH to replace the pump and alternator. But from what I saw the pump was fine. So my buddy and I Replaced the Alternator and all was great. 30 days later... Now I am hearing the noise, Obviously power steering pump. The fluid is a bit low, but no signs anywhere.
The valve sounds like the culprit, and I am going to try it this week.
1995 SC400
160,000 Great miles!
