I am going to suggest you upgrade it’s cartridge first, allowing you to take your time, research more, consider other TT’s now, you will use your new TT for several years, then likely move up.
You are considering two Belt Drives, I prefer Direct Drive (quartz locked) , but many love/buy belt or idler wheel drives. My earlier TD124 was idler drive, it was wonderful, however I had to wait for several minutes for speed stability, then make small adjustments during listening sessions. Perhaps modern ones have less/no problems unlike the old Thorens.
Of the two, I would go with the Rega, as neither are likely to be your ’final’ TT, and I don’t see any true advantages of the Feickert.
The Feickert has two negatives noted in this review
https://www.theabsolutesound.com/articles/dr-feickert-analogue-volare-record-player
1. Adjusting arm height (VTA) is done underneath the deck, a true PITA. I would never go for that, you are likely to try different cartridges in the future, requiring arm height adjustment for proper VTA.
2. The bearing, like the Thorens TD 124 I had, is susceptible to vertical vibration. My house has springy wood floors, the Thorens, wonderful, was a problem. The AT120 has no problem dealing with vertical vibrations. If your floors are solid, less of a problem, but, tap the plinth ....
I would ask about that specifically of the REGA.
from the link above:
"Does Volare have any weaknesses? In its price segment, few. Top-tier ’tables, however, are more stable in imaging; their silences are darker, their dynamic and tonal contrasts wider and better resolved. Critically, they are also much more resistant to acoustic or mechanical feedback.
This was an area that was a disappointment. During playback it only took a tap on the Volare plinth or my old Polycrystal platform to elicit an ugly thump through the system. A good isolation base along the lines of my reference Critical Mass Sotto Voce turned out to be the solution."
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AT120. Are you using it’s provided cartridge? If so, if you first change the cartridge on it, an easily discerned improvement, you will be very pleased, and you can move that cartridge to your new TT when you get it. To use AT120’s preamp now, you need a MM cartridge, I think this one an excellent choice
https://www.audio-technica.com/en-us/cartridges/type/moving-magnet/vm740ml
An MC might/probably will beat it, but slightly, not much.
I agree with you, AT120’s built in Phono preamp is better than most might think. I had McIntosh SS Preamp C28. I preferred the AT120 phono to the C28’s. When I changed to my current McIntosh mx110z Tube preamp, I much prefer the McIntosh phono. So much so, that when I chose a MC cartridge, I chose to use a SUT (step up transformer), to continue to use the McIntosh’s phono.
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Cartridge/Phono Stage: I think a careful selection of cartridge and phono stage is more important than a ’better’ TT within the affordable realm.
Therefore, don’t rush into the Hana ML. You may eventually choose it, but consider phono stage and cartridge together.
I recommend a phono stage with optional settings to accommodate your next cartridge as well as what you choose now.
MC. It’s a whole different world than MM, which is why I suggest the excellent MM I suggested above to move up, then upgrade TT, then consider MC and external phono stage.
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Buying the Rega, or something in it’s price range will leave you more money to spend on cartridge, phono stage (especially phono stage with options).
good luck happy listening
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BTW, changable headshell can be a real asset for a single arm TT. You could use:
1. current elliptical for certain LP grooves; fun but ’not great engineering/sound’ (avoiding wear on your more expensive MC cartridge with fixed Stylus)
2. new MM for AT120 now and use on new TT/Phono Stage later
3. new MC when you choose new Phono Stage
4. MONO cartridge for Mono LP’s, the Mono cartridges do not reproduce vertical movement, the sound is better or far better than Stereo Cartridge used in Mono Mode.
I’m old, turned 70, decided to upgrade system, and TT, with a lot of help here.
I ended up with a TT with 3 arms, and a SUT with 3 inputs, and the SUT has pass for MM, and 4 optional loads for MC, vintage Fidelity Research FRT-4. btw, none of it’s optional loading is best for the Hana ML.
see TT in last photo of this LP listing
https://www.ebay.com/itm/133613364198
Elliott