May 31, 1927, the last Ford Model T rolled off the assembly line. It was the first affordable automobile, due in part to the assembly line process developed by Henry Ford. It had a 2.9-liter, 20-horsepower engine and could travel at speeds up to 45 miles per hour. It had a 10-gallon fuel tank and could run on kerosene, petrol, or ethanol, but it couldn't drive uphill if the tank was low, because there was no fuel pump; people got around this design flaw by driving up hills in reverse.
Ford believed that "the man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed." The Model T cost $850 in 1909, and as efficiency in production increased, the price dropped.
By 1927, you could get a Model T for $290.
"I will build a car for the great multitude," said Ford. "It will be large enough for the family, but small enough for the individual to run and care for. It will be constructed of the best materials, by the best men to be hired, after the simplest designs that modern engineering can devise. But it will be low in price [so] that no man making a good salary will be unable to own one - and enjoy with his family the blessing of hours of pleasure in God's great open spaces."