This is the 1896th most frequent Portuguese word.
velho
Old.
Here, 'velho' is used to describe the age or condition of the car, indicating it is old, worn, or not new.
Tenho um carro velho.
I have an old car.
The word 'velho' in this sentence signifies a long-term relationship, meaning the person has been a friend for a long time, not necessarily his age.
Ele é um amigo velho.
He is an old friend.
In this context, 'velho' describes the watch's antiquity, suggesting it has historical or sentimental significance.