For those still looking for a budget light, search Amazon for the NowAdvisor CREE Q5 240 lumen light. I bought it last week and took some night rides with it. I can't say whether it hits 240lm, but it's brighter than another 140lm one I've used. 3 settings, utilizes 3 AAA batteries, and even includes a bike mount, all for $12! I added some Eneloop batteries, but it may have better success with alkalines.