The market’s in correction mode right now, so it’s not a fun time to be buying much of anything. But these are precisely the times you need to be putting your buy list together. While the overall market is still expensive and may have further to fall, there are some outstanding bargains out there. For those with an iron gut, this is the time to start nibbling.

Let’s take a look at Ford Motor Company (F). Ford has taken a nose dive in 2015 and is now down about 23% from its 52-week high. China woes, Fed angst and volatility in general have all conspired to depress the Ford’s stock price. But looking past the headlines, there is a lot to like about Ford. Let’s take a look.

Ford Stock is Cheap

We’ll start with valuation. No matter how you slice it, Ford is cheap at today’s prices. Ford changes hands at just 7 times expected 2016 earnings, and it sports a 10-year cyclically-adjusted price earnings ratio (CAPE) of just 6.5. If you use a 5-year CAPE, which would only include the healthier post-crisis years, you get an even cheaper 6.4

Stripping out the accounting gimmicks that can manipulate earnings, Ford trades at 0.38 times sales.

And let’s not forget that that sales have been depressed for years. Auto sales fell off of a cliff during the 2008 meltdown and have only recently returned to pre-crisis levels. If you can believe it, annual American auto sales are still below the levels of the early 2000s… despite the fact that the American population has grown by more than 30 million people since then.

Ford’s dividend yield is also one of the highest among major American companies at 4.3%.As seeing as how Ford only pays out about 60% of its (depressed) profits in dividends, I would say the dividend is safe for the foreseeable future.

If you owned Ford during the mid-2000s, this might be something of a sore spot. Ford cut its dividend in 2006 and eliminated it altogether a quarter later, as the company worked through some very difficult times. But since reinstating its quarterly dividend in 2012 at $0.05, Ford has tripled it to $0.15. I expect more dividend hikes to come.