Merrymaking in car, out of order, values half-lost (8)
I believe the answer is:
carnival
'merrymaking' is the definition.
(I've seen this before)
I don't understand the rest of the clue.
Can you help me to learn more?
(Other definitions for carnival that I've seen before include "riotous merrymaking" , "Public celebration with processions, music, etc" , "festive occasion" , "Dvorak overture" , "Time of public revelry" .)