It will probably help to know what car it is unless experts can deduce it from your name. In my experience when I jack up one wheel, the other wheel on that side goes UP not down. Anyway, usually front end parts can be inspected without a lift. You just drive up on ramps or just drive up on a 2x10 if you just need a little room, and look around with a flashlight. Could be a shock bushing but that is just a guess.

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1998 C230 330,000 miles (currently dead of second failed EIS, yours will fail too, turning you into the dealer's personal human cash machine)
1988 F150 144,000 miles (leaks all the colors of the rainbow)
Previous stars: 1981 Brava 210,000 miles, 1978 128 150,000 miles, 1977 B200 Van 175,000 miles, 1972 Vega (great, if rusty, car), 1972 Celica, 1986.5 Supra