1998 Camry with 122K…I get a squeaky noise from all 4 tires whenever I hit the smallest bump. I also have to be extremely careful going over even small speed bumps or I will hit bottom of car. Is that a sign shocks and struts need replacing or could it be something else. If it is shocks/struts, what will happen if I don’t change them?
The noise is coming from your suspension, not from the tires. That symptom, coupled with the “bottoming-out” of the suspension, certainly makes it sound like your struts are worn out.
I would suggest that you have this checked because this is a safety issue. Worn out struts or shocks can actually cause you to lose control of the car because the tires are bouncing, rather than contacting the road properly, thus leading to a lack of traction and a loss of the ability to steer the car propely while the wheels are bouncing.
Have this checked/repaired a.s.a.p.!