Far from new, but it can be oiled (5)

I believe the answer is:

oldie

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'far from new but it' is the definition.
I can't judge whether this definition defines the answer.

'can be oiled' is the wordplay.
'can be' indicates an anagram.
'oiled' anagrammed gives 'OLDIE'.

Can you help me to learn more?

(Other definitions for oldie that I've seen before include "Venerable person/thing" , "Perennially popular song or film, often golden" , "Once popular song (perhaps "golden")" , "Standard song" , "One getting on" .)

I've seen this clue in the Evening Standard.

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