Most recent college graduates these days have less room for spending than in years past due to rising higher education costs and significant student loans.

And Millennials are playing it thrifty these days when it comes to vehicle purchases, says a recent Cars.com blog post found on its DealerADvantage site.

According to the blog post, the majority of Millennial car shoppers browsing vehicles on Cars.com want to purchase a vehicle under $20,000.

“As recent graduates begin their careers and consider purchasing a new car, the majority will focus on affordability first and foremost,” said Jesse Toprak, chief analyst for Cars.com. “Millennials know they have options, and they rely on their smartphones more than any other generation to make sure they’re getting the best deal they can while on the lot. Retailers would be wise to take note and prepare to work with this well-informed, tech-savvy group of car buyers.”

Breaking the age groups down even more, approximately 70 percent of Millennials on the site, ages 21 to 24, are looking for a vehicle under $20,000.

This number shifts down to 55 percent for those ages 21-35.

This price range makes the compact segment particularly attractive, Toprak pointed out — and this perhaps means that dealers would be well advised to showcase these models to younger buyers.

“Compact car segment is the top choice for the Millennials as the models in this category nicely fit the needs of the first-time buyers with their low cost of ownership and increasingly seamless integration of digital lives to the built-in infotainment systems,” added Toprak.

Beside price concerns, the blog post pointed out that Millennials employ a few other saving tactics, as well.

First,these shoppers are more likely than those over 35 to visit an additional dealership should they find a better-price car nearby.

They are also more likely to perform a wide variety of research tasks on the lot than older shoppers, the site pointed out.

This ties in to the next trend that Cars.com found: Almost two-thirds (65 percent) of Millennials (ages18-34) use a smartphone for research prior to a dealer visit.

And these younger buyers will also be using these tools on the lot, as they make sure they are getting the best deal they can.

Mobile research tasks can include reading online reviews and accessing information about vehicle payments and offers, Cars.com analysts said.

To give dealers an idea of what cars these younger shoppers might be looking for, Cars.com compiled some of its best-selling inexpensive models.

The following is a list of top-selling new vehicles on Cars.com — based on year-to-date sales — that fall within the $20,000 price range:

1. Toyota Corolla

2. Honda Civic

3. Nissan Sentra

4. Mazda3

5. Kia Soul

6. Ford Fiesta

7. Chevrolet Sonic

8. Nissan Versa

9. Honda Fit

10. Kia Forte

To view the original blog post, click here.