The Daredevil suit looks more like a speedster suit than the Flash's!

Maybe this is an "earlier" suit he has at the beginning and it gets ripped apart and then he realizes he has to make a better one
I know the TV series is not trying to spend that type of bread though!
^^ Agreed.
But the Show don't even got to spend a significant amount of money on that Flash outfit.
That Costume Director should’ve done some better research.
Hell, I'm not a fashion designer, but even I could provide a 'roadmap for success' in just 4 simple steps.
Step 1.
Buy a PS4 (or an XboxONE)…. then grab a copy of THIS.

Use it as a 'starting point' for creative inspiration.
Step 2.
To play The Flash, hire a decent actor who’s actually BUILT LIKE AN ATHLETE. (Not a wuss.

) and create a 'base outfit' that looks ‘heroic’.
(i.e. Start with some Under Armour gear, or some shit.

)
Then dye that whole summabich RED, like this...
Step 3.
Create a cool-ass chestpate. (i.e. Customize some Lacrosse gear, or some shit.

)
Then turn that whole summabich RED, like this...
Step 4.
Add some custom accessories. (i.e. Tailor some Pads, Gloves & Boots

)
Then turn all dem summabiches RED, like this...
With just a limited fashion design sense & tailor skills, any costume designer should be able to add the proper 'finishing touches' to create something ALOT closer to this.
That shit don’t cost no money.

And the end result would’ve been ALOT COOLER LOOKING.
On the flip side….
Hiring an Oscar Winning Costume Director to create a
BAGGY-ASSED CATSUIT FOR MEN… Costs Money.
LOTS of it.