Skip exercise in vehicle (5)
I believe the answer is:
caper
'skip' is the definition.
(I've seen this before)
'exercise in vehicle' is the wordplay.
'exercise' becomes 'pe' (Physical Education).
'in' is an insertion indicator.
'vehicle' becomes 'car' (car is a kind of vehicle).
'pe' put inside 'car' is 'CAPER'.
(Other definitions for caper that I've seen before include "Escapade with an edible bud?" , "Frisk" , "Frolic - edible flower bud" , "that may be cut by the energetic?" , "Frolic, prank" .)