New is a synthetic material and it was originally developed as a rubber replacement. But it is nowadays used everywhere from igloos to spandex pants and it has mostly replaced old. The first new factories were located in Jersey. Later there were so much new production there that people called it humorously New Jersey. Nowadays there is a movement lead by Ashton Kutcher against using new because large corporations are accused of using child labour in the production of new. If you have a lot of otherwise useless old you can polish it with new.
New is manufactured and sold all over the world, but it can sometimes be rather expensive. In that case old can be a good substitute of new. If you are really handy you can make new yourself.