I just picked up an 88 formula and when I drive it I can hear the brakes dragging . The car seems to track straight so I think its on both sides. The car sat for 2 years with the parking brake on so I thought loosening it would help because my 86 gt had the same problem. It didn't work. The brakes still drag so I'm thinking its the calipers. They don't stop the car but they clamp down enough to make noise. It doesn't really affect drivability but when something isn't perfect on my cars I have to fix it. Do you think its just the calipers needing replacement? Its a lot of money to spend and I don't want to be wrong.

Pull the wheels and make sure the parking brake levers on the calipers have returned to the rest position. Could be the cables are sticking and not allowing the calipers to fully release.

I loosened the nut on the cable on the bottom of the car to release the cable and it still drags.

Check the levers on the calipers. The cables could still be stuck/binding.

I even took the levers off and they were still dragging. The tension has been completely released too

[This message has been edited by RilesOfSmiles (edited 08-18-2013).]

The next step would be the brake line hoses......perhaps collapsed on the inside.

loosen the metal bracket that holds the hose. Loosen the part that goes around the hose. The metal rusts and pinches the line.

The bolt slider pins may need some nice fresh lube also.