I'm a very low mileage driver. Have 44K on my '06 coupe.

If anyone is experiencing slight loss in power with a faint rubber smell this means your belt needs tightening (or replacing). I thought it might be the PS pump but was noticing the thermostat and heater running coolant cycles very frequently (no overheating) which meant the water pump might be under performing...all symptoms led me to the belt.

Surprisingly enough, the A/C belt was the one that had cracking...the P/S belt was just fine. Slapped on two new ones ($42) and steering was back to normal.

Dealer wanted $285 for 2 belts installed.

 

Just a f.y.i the water pump would not be a factor in a belt issue because the water pump is driven from the timing chain so it will turn even if a belt breaks on you.