A system for parallel parking a vehicle in a target parking space is provided herein. A sensing system is configured to detect objects located proximate the target parking space. A park assist system is communicatively coupled to the sensing system. The park assist system is configured to automatically steer the vehicle during a backing maneuver into the target parking space while limiting the speed of the vehicle based on a steering wheel angle. The sensing system is also configured to automatically steer the vehicle during maneuvers inside the target parking space while limiting the speed of the vehicle based on a relative position of at least one of a rear bounding object and a front bounding object.