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Aside from noises, there are a couple of ways to diagnose a bad bearing (though they're not fool proof, every case is different). First, with the car parked grab the tire and try wiggling it back and forth; there should be no movement either side-to-side (front to back) or back-and forth (up-and-down).
Secondly, think about how the car is handling. Is it pulling to one side (especially to the left)? In the case of a catastrophic bearing failure, the vehicle will start pulling to that side immediately.
The third way to tell (sometimes) that the bearing is burnt is that there is grease leaking either onto the threads on the end of the driveaxle (on the outside of the hub), or onto the outer CV joint housing (on the inside of the hub).
If none of these applies, try lifting that corner of the car and spinning the hub--if it binds or grinds you have a toasted bearing.
As for cost, $20 should get you a used one at a u-pull-it scrap yard. I've never bought a new one, and none of the used ones I've bought have ever gone bad...good luck!
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 1990 5spd V6 Camry (Still kicking at 393,000km) 1991 Celica GTS -- Pappa needs a 3SGTE...and AWD for all this friggin' snow
Honda my A$$, you just can't kill a Yota...
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