Strong's #3822: palaioo (pronounced pal-ah-yo'-o)
 from 3820; to make (passively, become) worn out, or declare obsolete:--decay, make (wax) old.
Thayer's Greek Lexicon:
 ́ 
 
  palaioō 
 
 1) to make ancient or old
 
 1a) to become old, to be worn out
 1b) of things worn out by time and use
 
 2) to declare a thing to be old and so about to be abrogated
 
  Part of Speech: verb
Relation: from G3820
  Citing in TDNT: 5:720, 769
 
Usage:
This word is used 4 times:
Luke 12:33: "alms; provide yourselves bags  which wax not old, a treasure in"
Hebrews 1:11: "remainest; and they all  shall wax old as doth a garment;"
Hebrews 8:13: "In that he saith, A new  covenant, he hath made the first old. Now that which decayeth and"
Hebrews 8:13: "A new covenant, he hath made the first old. Now  that which decayeth and waxeth old"