Previously used part of watch, perhaps (6-4)

I believe the answer is:
second-hand
'previously used' is the definition.
'second hand' can be an answer for 'used' (I've seen this before). I am not certain of the 'previously' bit.
'part of watch perhaps' is the wordplay.
I cannot quite see how this works, but
'part' could be 'hand' (hand is a kind of part) and 'hand' is found in the answer.
'of' could be 'o' and 'o' is found in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for second-hand that I've seen before include "Not original" , "Previously owned - part of watch" , "Used" , "Not new - part of watch!" .)
