I jacked up the car last night and on each side there is this black cover looking thing on the power steering gear assembly. It feels like its made of a hard rubber but I dunno really got to decribe it other than that. Can anyone help me out.

 

Ok I believe it's called the rack and pinion boot after some search on shbox.com is it bad if this has a small hole in it?

 

Yes that is bad if there is a hole in the boot. Dirt will get in it.

 

Would you replace both at the same time or just the ripped one? Reason I'm asking is they only have one in stock at the local dealership

 

If the other one doesn't have a hole in it, no need to replace it.

 

If there's a hole in the boot, dirt WILL get in there after awhile and you will be screwed. You'll know when you need to get the power steering rack replaced when you hear noise when you turn the wheel and you have to struggle to turn the car. Same thing happened to my friend's Mustang.

Not a good idea to leave a rip in that boot.