I don't like tail lights that clip onto the seatpost, so I have a couple of these attached to my saddlebag (I secure them with gumbands so they don't fall off). More than sufficient --- using more than one also gives you some visibility from the side.
http://www.teamestrogen.com/prodFS_41802.html



. My criteria are: must be less than $30, ideally less than $25, and it must have a clip mount, as there's not a lot of my seat post visible with my giant bag there.
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