The best coat I have is about 30 years old now. Has had a huge amount of use and is still as waterproof as the day I bought it for $19.95. The breathable fabric one worth $550 failed after about 4 years. Some of the newer stuff (that the stuff used 100 years ago) is a big improvement like polyprop, a lot lighter than wool, especially when wet. Just keep away from the fire with it.
For a jacket I prefer something cheap and waterproof nowdays. That way you don't worry too much about ripping it, something I'm renowned for doing.
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