The steering rack bushings on 1995.5 - 2004 Tacomas are made of rubber and tend to wear out rather quickly, leading to vague or loose steering response. These bushings can be difficult to remove, so you are not going to want to remove them for inspection. Even if you did, the wear isn't obvious, as you can see from the photo of used bushings below. A better way to determine if your truck or 3rd generation 4Runner is a candidate for bushing replacement is to have someone move the steering wheel back and forth while you watch for excessive rack movement.
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http://www.4x4wire.com/toyota/maintenance/steering_bushing/