Today, I made a really tight (almost 90degree turn, steering-wheel turned all the way left) and fairly fast left-turn onto a parking lot to avoid incoming traffic. After that the car makes a loud annoying sound everytime I turn the steering wheel (left or right), loud enough that other people outside will turn at look. I can't really describe the sound, it certainly is low pitch, almost like someone rubbing to piece of wood together, and it doesn't sound like metals are rubbing each other. So anyway, after turning the wheel for a while it wouldn't stop, so I turned off the engine and wait a few minutes. After a couple minutes I turn the car on again, and the noise seemed to subside, to almost unnoticeable, but not quite disappeared yet. So it seems there is still some noise whenever I turn the steering wheel now. What could be the problem and how expensive am I looking to spend? I can think of a few things but I could be wrong. Could it be steering pump is almost gone? could it be rack and pinion? or perhaps balljoint? I hope to hear some opinion and perhaps a method to track down where the noise come from.
Car Stats: 1988 Oldsmobile Cutlass Ciera, 2.8L V6 173 engine, FWD, automatic, AC. has 169500km on it. Recent service: Transmission oil change about 5000km ago. Engine oil about 500km ago. Putted in a new alternator in April (did it myself). Car drives good otherwise.