I go in the opposite direction. After spending dough on all sorts of rain gear over 45 years, and finding that it either leaks, or doesn't stay waterproof for long with normal wear and tear, I've given up.

I use garbage bags, where I cut out neck and arm holes. My best fit is with the "tall kitchen" size, though in the winter I might move to the large trash can size. These are cheap, stay waterproof, and can be disposed of after a few wearings (no need to wash). Best of all they roll small so they can be carried in a pocket for iffy days.

Of course they don't breath, so I dress on the cool side, and in the winter use layers that still insulate when wet like polar fleece.

BTW- I've tried cycling capes or ponchos, and they do work OK, but where I live fall and winter rains are often accompanied by wind squals and the higher windage of a cape can make handling dificult, and IMO too dangerous for riding in heavy traffic.