Re: 58 Mercury Monterry oil or transmission leak
Virgil & Sue Klein
Welcome to the Mercury family. It is nice to have you join us. Red fluid under a ’58 Monterey would indicate a transmission or power steering leak (if so equipped). Both areas could be issues on a car that has sat for that long. I assume you changed all the fluids before you began to drive the car. The transmission leak could be a number of places but the pan gasket would be the first place to expect a leak. This should be relatively easy to repair. Other issues could be transmission seals which would need more extensive work. Good luck with your project.