Ancient car not starting? (5)

I believe the answer is:

olden

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'ancient' is the definition.
(I've seen this before)

'car not starting?' is the wordplay.
'car' becomes 'olde' (I can't justify this - if you can you should believe this answer much more).
'starting?' says to take the initial letters.
The initial letter of 'not' is 'n'.
'olde'+'n'='OLDEN'

Can you help me to learn more?

(Other definitions for olden that I've seen before include "Of a former age" , "Bygone" , "Former, past" , "Of past (times)" , "(Of days) in the long distant past!" .)

I've seen this clue in the Sydney Morning Herald.

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