I am looking for an affordable rain solution for my ride in October. I figure that there is a better than even chance that I will have some rain to deal with - and probably it isn't the best time in the year to not have something in mind. Right now I just get wet and don't worry about it. That might not be wise for a long ride in mid-October.

I've noted that Carradice has a rain poncho for about 15 pounds - and their products seem to have a good reputation. Any other solutions that others have found? I would prefer to have my legs free if possible.

Other suggestions?