Personally i would never use a poncho. The days i need raingear the most its also windy, and i never was good at sailing.

Id skip the rainpants. I only use a jacket. I use the showerspass jacket that HiYoSilver linked to (its the best raingear made ) But if its out of your price range, then dont go half way, go cheap, and save for the good one later. I live in pacific northwest. January was 40 commuting hours, it rained 38 of those i think, thats worth the $180 to stay dry to me.

For legs I use
http://www.mec.ca/Products/product_d...=1141877551732

Those are probably also out of the price range, but they are good for all cold days, rainy or not. If it rains, my legs stay warm even when wet since their the engine powering me along. The windproof front keeps them from getting cold. You may be able to find some windproof tights cheaper where you are.

Raingear is one of those odd things. They ALL stop the rain. Only some breath. Breathing half way isnt worth half the cost. Go big or go for the least expensive since the middle cost ones dont seem to breath any better than the cheapest ones. With those your just paying for fashion.