Before junking your existing boots try this cheaper option. Ensure the boots are fully dry before begining. If they arent already dry then stuff them with newspaper and allow them to dry out slowly. Coat them in ordinary shoe polish, but dont buff them, rather, leave them overnight to allow the polish to soak into the leather. Polish them up the next day and treat with shoe polish again and buff a couple more times. Then apply a coat of dubbin and buff. Reapply a coat of dubbin once a week or every time youre out in heavy rain.

http://en.wikipedia.org/wiki/Dubbin