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.