No missbopeep I don't need to read it again. In my opinion, the OP cannot 'afford' to buy it.
It's an enormous amount to me
I need something really weatherproof for doing the school run in the winter
I'm thinking of saving up the pennies and buying it in a couple of months
is £160 a ridiculous amount to be paying?
She didn't ask if it was a lot - she asked if it was a ridiculous amount - which indicates to me, that it is a lot of money for her.
She does not need to spend £160 on a coat to get one that is weatherproof for the school run. If she needs to save for it, it is ridiculous to be spending £160 on a coat that will not keep her any warmer or drier than a £40.
The amount of money you spend on coats is up to you. If 'style and beauty' is 'your thing' you will justify it. They are going to last longer if you have several different coats and don't wear the same one day in/day out.
I have a short coat that is over 10 years old, it is still warm, comfortable, waterproof and still looks good. It cost me something like £25 from New Look (from memory). I bought another coat last year as I wanted a long one, just for a change, it was reduced from £50 to £20.
Just because a coat isn't expensive, doesn't mean it's rubbish. I could afford to pay £160 for a coat, without 'saving' for it, without thinking 'this has to last me x years' - but I choose not to, it doesn't interest me.