Originally Posted by babymog

Take off the rear wheels. The wheel carrier lower bushing is where the lower control arm and the wheel carrier casting meet, if the bushing looks torn it is likely bad (and a common failure item by this age). Squirt oil on it and see if the squeak stops (as a troubleshooting method). The sway-bar links are plastic links that run from the sway-bar to the control arm, look at the condition of the other bushings while the wheel is off (including the differential and subframe mount bushings).

Don't be surprised to see a couple of bushings that need replacement.