Free ride that will take one up and down (4)

I believe the answer is:

lift

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'free ride' is the definition.
(as in a lift in someone's car)

I don't understand how the rest of the clue works.

(Other definitions for lift that I've seen before include "Exalt" , "Raise - shot in the arm" , "Steal (colloq.); elevator" , "Raise; elevator" , "remove" .)

I've seen this clue in The Times.

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