One hundred percent the suit makes the man, no question. At least in 99.9% of the situations where people make the first judgment of you when you are first presented to them.
That said, if you can't look good on a $200 well-tailored suit, you will probably only waste money. See:
https://www.youtube.com/watch?v=sBIyYxk2DHk
EDIT: Cheap clothes won't last you a full season, of course. But with proper shoes, custom buttons, fit and socks, watches and other accessories I can look pretty fucking dapper on the cheap.