By far the cheapest way to go is to get a used, ex rental jacket and have it tailored. Buttons are available that will work from both on-line locations and many fabric/sewing stores. Tailoring costs should be well under $100.00 so you would end up with a high quality, tailored jacket for an end price of $150.00 to $170.00.

This would be the smart frugal way to go! I have had several day jackets and one evening jacket made this way and will continue to do this!