The most common and most likely answer to this crossword clue is the 5 letter word VESTS
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More clues leading to the result VESTS
Buddy explains!

The straight part
We know that "Old clothes" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old clothes = vests.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does VESTS mean?
VESTS noun- A loose robe or outer garment worn historically by men in Arab or Middle Eastern countries.
- A sleeveless garment that buttons down the front, worn over a shirt, and often as part of a suit; a waistcoat.
- A sleeveless garment, often with a low-cut neck, usually worn under a shirt or blouse.
- A sleeveless top, typically with identifying colours or logos, worn by an athlete or member of a sports team.
- Any sleeveless outer garment, often for a purpose such as identification, safety, or storage.
- A vestment.
- Clothing generally; array; garb.
- To clothe with, or as with, a vestment, or garment; to dress; to robe; to cover, surround, or encompass closely.
- To clothe with authority, power, etc.; to put in possession; to invest; to furnish; to endow; followed by with and the thing conferred.
- To place or give into the possession or discretion of some person or authority; to commit to another; with in before the possessor.
- To invest; to put.
- To clothe with possession; also, to give a person an immediate fixed right of present or future enjoyment of.
- (of an inheritance or a trust fund) To devolve upon the person currently entitled when a prior interest has ended.
- (financial) To become vested, to become permanent.