Depending on your distance, conditions, and tolerance for cold and wet, you might want to try some of the less expensive ideas above, especially on your first winter. There may be other things you'll discover that make winter cycling unsuitable for you. I used plain old winter hiking boots and platform pedals in my first winter.

Then I bought a pair of Lake MXZ302. I'm beginning my seventh year with them, so they're now costing only $40 a year to own. But that $280 purchase price was indeed breathtaking. They're the most expensive shoes I've ever owned. But they've been worth every penny. There are other, less expensive, choices available these days.