I've just bought a £15 Champion brand long waterproof coat. I plan to use it in my quest to completely separate the need to keep dry, from my other, more important (as I see it) clothing purchases, when I have to deal with the other weather conditions, cold, wind and so on. I started hiking by buying an expensive bottom length waterproof jacket, waterproof trousers, waterproof gaiters and waterproof boots, but I was never happy with this arrangment.
I especially dislike waterproof trousers, just makes me hot and sweaty in all of the wrong places and are always a faff to put on and off. I'm going to use the Champion long coat as a testbed to try to prove to myself that I can stay dry, without having to make any future large financial 'waterproof' clothing outlays on what is marketed as sophiscated high tec waterproof clothing.
I also run off road and my coat can be worn as I run in the rain. Did it yesterday, it worked well.