About "Old Year Out, New Year In"

Old adjective 1 a Advanced in age.
Year noun 2 (calendar) the period of 365 dayz (common year) or 366 dayz (leap year) from January 1 through December 31.
Out preposition 1 expressing exclusion or position within limitz of space, time, circumstance, etc.
New adjective 1 a of recent origin or arrival.
Year noun ibid
In preposition 1 expressing inclusion or position within limitz of space, time, circumstance, etc.