Create New Column with If Text Contains parameters

I'm sorry, I have read all the 'text contains' articles and have tried the formulas for my data, but I just can't get my formula to work!

I have a table with a field with six possible values:

New Warm, New Hot, New Cold, Existing Warm, Existing Hot, Existing Cold

I want to create a visual that just shows me a pie chart of "new" vs "existing". So, I'm trying to create a custom column where If the value is either New Warm, New Hot or New Cold, then just give me a value of "New", else "Existing".

I've tried formulas for containsstring, contains.text etc.. I always get these two errors.

It doesn't recognise "IF"

If I add an =, then I get the literal token message

Thanks in advance for pointing me in the right direction.

Vikki