Cheap cigar - it goes out (6)
I believe the answer is:
stogie
'cheap cigar' is the definition.
(I've seen this before)
'it goes out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'it'+'goes'='itgoes'
'itgoes' is an anagram of 'STOGIE'.
(Other definitions for stogie that I've seen before include "Egoist (anag) - cheap cigar" , "Long thin inexpensive American cigar" .)