I have a lidl cycling cape (was about £7), with reflective strips, that goes over the handle bars and keeps my legs dry. Wear normal coat underneath for warmth. It is not in any way stylish, but I am so dry it makes cycling in the rain almost a good thing. It also packs away brilliantly into the cape pocket.
If it's raining heavily that one won't keep your legs dry. I have a couple of normal coats that I wear loads on the bike. One is a trad mac type design so goes a bit over legs, and the other is a warmer padded type coat. Both are water- resistant as opposed to waterproof. If it's hammering down I don my propper mahoosive bright red cycling cape that keeps legs dry too- and I love it! Makes cycling in the rain fun.
After years of hi-viz "waterproof" jackets which always - always! - let the wet in if it was peeing down, I bought a Boden mac - completely plastic on the outside, totally waterproof, quite long when off the bike but has a double zip so you can sort out freedom of movement.
I have waterproof trousers too, mindyou, proper cycling ones, and they are a total godsend. (Mind you I also wear cut-off wellies when cycling to work in the rain so I have no right to be on a "style and beauty" thread.)
Like the sound of Lidl cape - we don't have a Lidl close by but I will keep an eye on Aldi...!