Cypher, my wardrobe is so limited that I really need to go 'bike' clothes so that I don't trash what little I have already..
Ahh.
Any excuse to go shopping.
Really, you don't need bike clothing - except if you want to "look" the part and feel the need to spend up big. For which I would respond...
1. No one cares what you look like when you ride a bike - it is a consumerist mind set. I saw two old men on Kmart bikes, toe cages and trackydaks at Appin on Sunday arvo and they were ripping it up. I had trouble keeping up.
2. Who cares how fancy you bike clothes are when you are sweaty and dusty/muddy at the end of a ride? It matters that you enjoyed your ride
3. Lycra tears easily - so when you fall off your bike and rip the bottom out of your $90 bike shorts it will hurt more than the bruises
If your wardrobe is limited because of lack of $$$, then purchasing bike specific clothes is not the way to go. I get most of my outdoors clothing from Vinnies etc - the quality is reasonably good these days (as they send all the worn clothing to developing countries). These clothes can get ripped, torn, greasy and muddy and who cares? I even found a stack of lululemon clothing one day.