Craving to own new Sierra (5)
I believe the answer is:
range
'sierra' is the definition.
(I've seen this before)
'craving to own new' is the wordplay.
'craving' becomes 'rage'.
'to own' is an insertion indicator.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'rage' going around 'n' is 'RANGE'.
(Other definitions for range that I've seen before include "Cooking stove or location for target practice" , "Area of variation" , "Chain of mountains" , "Expanse" , "Old-style cooking stove" .)