Kevin,
The term "the old" does give the meaning of a former existence also as found in
Eph 4:22 That ye put off concerning the former conversation
the old man, which is corrupt according to the deceitful lusts;
Col 3:9, 10 Lie not one to another, seeing that ye have put off
the old man with his deeds;And have put on
the new man, which is renewed in knowledge after the image of him that created him:
It would seem your boat has a leak in it and it is an old leak