Old equipment, new aim - art (7)
I believe the answer is:
origami
'art' is the definition.
(I know that origami is a art)
'old equipment new aim' is the wordplay.
'old' becomes 'o' (abbreviation).
'equipment' becomes 'rig' (rig is a kind of equipment).
'new' is an anagram indicator.
'aim' is an anagram of 'ami'.
'o'+'rig'+'ami'='ORIGAMI'
(Other definitions for origami that I've seen before include "Art of crafting objects from paper" , "Eastern art" , "I'm a giro (anag)" , "newspaper folded?" , "folding process" .)