I think it's a myth that you absolutely must have technical gear to ride a bike. Humph! What you want is layers.

Ok, the nifty-difty stuff is pretty neat, but all you are trying to do is keep warm, after all. Wool sweaters from Goodwill work just fine, and won't kill a budget. Runner's wind pants with another layer underneath keep the legs warm enough.

One thing to absolutely remember is the old Mountain Man saying: "If your feet are cold, put on your hat." Really. Keep your head warm and the rest of you can deal with much colder temps. DH & I have been experimenting with helmet covers. I'm now a believer in helmet covers, along with a wool headband and something for the neck (buff or similar).

When the thermometer gets into frostbite territory, keep your skin (I'm thinking specifically about the face here)covered with something - I'm considering a dumb-old bandana for the bank-robber look on the way to work.

Keep in mind, though, I'm pretty immune to cold, so when I'm toasty-comfy, everyone around me is shivering. (must be all that insulation I've collected on my hips... )