I think a trench coat is a great style if you have a small waist, because you can cinch the belt on it to get the fit you want at the waist. I think it could be difficult to alter, if there are a lot of topstitched seams. If the side seams are not topstitched, those could be fairly easy to take in.
I have two very economical trench coats, one a single-breasted style in green by Gallery, and the other a double-breasted, mid-thigh style in taupe by Calvin Klein. I like that they have button-off hoods (I almost always keep the hood on, but I like that I can take them off if I want to) and button- or zip-out linings. They are warm enough for mild winter weather, so I get a lot of good out of a coat like this. My green one is several years old. Eventually I might splurge for a Burberry, but so far, I am not sure I'd want to stick with one style or color that long to make the investment.
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