Originally Posted by jnoble123
For an extremely cost effective solution for light rain in mild, not too windy, conditions you might consider a rain poncho similar to what you might have worn as a kid. They have great air flow so condensation is avoided, very inexpensive, and work well in light rain with no significant side winds.
~Jamie N
www.bicycletouring101.com
Ditto to the rain poncho! I purchased one from Adventure Cycling and couldn't be happier. Not too fancy, but does the job.