Lift up a broken axle on old car model (5)

I believe the answer is:

exalt

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'lift up' is the definition.
(exalting is a kind of lifting up)

'a broken axle on old car model' is the wordplay.
'a broken' indicates an anagram.
'on old car model' becomes 't' (I can't explain this - if you can you should give a lot more credence to this answer).
'axle' anagrammed gives 'exal'.
'exal'+'t'='EXALT'

Can you help me to learn more?

(Other definitions for exalt that I've seen before include "Raise high, glorify" , "Aggrandize" , "Raise in praise" , "Lift up in praise" , "Elevate" .)

I've seen this clue in The Globe and Mail.

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