Snip rod once more, taking off top (7)
I believe the answer is:
bargain
'snip' is the definition.
(I've seen this before)
'rod once more taking off top' is the wordplay.
'rod' becomes 'bar' (I've seen this before).
'once more' becomes 'again' ('again' can be a synonym of 'once more').
'taking off top' means to remove the first letter.
'again' with its initial letter taken away is 'gain'.
'bar'+'gain'='BARGAIN'
(Other definitions for bargain that I've seen before include "Cheap offer" , "Deal; item at low price" , "Good buy" , "Barter, negotiate" , "value for money" .)