“So, I'm looking for something that is far more breathable, not expensive(no more than $200), and something that might even have some sort of meager insulation would be cool(I think I've seen a few like that).”

It’s a tricky choice for me. I love my 6 oz umbrella.
I love my 1.5oz 50¢ poncho that also covers my pack.
I love my 5oz o2 rain jacket. I find this more breathable than the poncho.

Yep it seemed to be raining all over ID. I was just there for a few days (Aug 22-25th). It poured on the 23rd. I enjoyed eating breakfast out in the rain with my o2 jacket in Hagerman ID. Wow beautiful place.

For 40F weather, I usually use the o2 with 2 underlayers.

The poncho or o2 is dual-use for me. In the morning, I plop all my packs contents on the rainwear to keep my items clean while I pack my bag.

-Barry