Case in point Cyclesafe. Frogg Togg makes great raingear for $20-$60. Bit bulky for cycling tho. I got my wife to do some tucking here and there. Voila! Custom fit and with some silicon on the new seams, still waterproof.

Another: Anticipating some very cold weather in the Rockies, and taking a tip from a riding partner, I cruised eBay looking for a nylon shell fleece lined jacket. Found a $15 Columbia, new $75. Packs down pretty good and takes the place of at least two layers, maybe three. Fav for winter riding.