What is the first coat/jacket I should buy?

Hi
I'm going to invest in a piece of outerwear. I currently have a peacoat and a down jacket that I both wear very often, but the quality isn't good anymore. I'm now looking for a coat and/or jacket that is really versatile. I'm a student so my budget is not that large, so I want one or two key pieces that I can use all year and for years to come.

I live in a north western European climate (Belgium). And my style is generally classic but with a sporty touch. I'm a student so I don't wear a suit every day, but I would like a piece that is versatile enough to dress up or down.

Any suggestions? I was thinking about a single breasted trench/a wool overcoat/ a leather jacket.. I'm looking for the most versatile piece or combination.
Thanks

I'd get a navy wool peacoat.
Looks good with jeans but can be dressy enough to go out in.
You can get away with it with a suit, especially as:
1. you don't wear a suit every day;
2. you sometimes won't need a coat as well as suit jacket; and
3. you'll generally wear a suit to go somewhere and then immediately take your coat off.

I agree; get a vintage U.S. Navy peacoat and have it tailored. You'll get a heavy wool peacoat which will hold you warm all winter and outlast you.

Wook is absolutely the most versatile option. It's amazing how much of a range in temperature you can wear it. There are any number of styles - the peacoat being classic.

Thanks for the replies. I guess navy peacoat is the best option then. Any suggestions on where to buy? In addition, where I live it rains a lot, is the peacoat the right coat to use in rainy weather?
Thanks!

Wool can withstand some wetness but it isn't meant as a raincoat. If there's a lot of rain, you want a raincoat.
For type of raincoat, I would say it depends on how much time you spend outside and what you are doing.
I have a trench coat for work - but I'm not out very much and also carry an umbrella.
If I'm going to be outside for an extended period and I'm not dressed for work I am wearing my northface parka with hood. I can add or remove the fleece and can wear the fleece alone (which I do for yardwork or when I need something more suited toward physical activity or more breathable than my leather jacket or wool coat)

You're on a budget. The idea of buying $2,000 trench coats is silly. Same with Barbour jackets. If you are just around campus there is a definite bonus to a technical jacket / parka where you can add/remove liners based upon the weather and do so for much less money than buying expensive fashion coats. Especially if you have to combine wet AND cold