Vehicle clipped vagrant (4)
I believe the answer is:
tram
'vehicle' is the definition.
(tram is a kind of vehicle)
'clipped vagrant' is the wordplay.
'clipped' means to remove the last letter.
'vagrant' becomes 'tramp' (I've seen this before).
'tramp' with its last letter removed is 'TRAM'.
(Other definitions for tram that I've seen before include "Vehicle running on rails in road" , "Public transport vehicle" , "Old city transport, ram on rails through streets" , "multi-faceted yarn" , "Streetcar" .)