As a marketing term, I can't imagine how much profit has been realized purely from the use of the word "new." Christ-followers should not be distracted so easily.
The use of the term "New Testament" is most unfortunate because of what it has come to mean, particularly since the Reformation. The use of the term appears to be based on Jesus' words:
Luke 22:20 (NKJV)
Likewise He also [took] the cup after supper, saying, “This cup [is] the new covenant in My blood, which is shed for you.
We do well to notice that he uses the word "covenant," and while that's a subject separate unto itself, we should underline in our hearts the word COVENANT. As we are inclined to refer to the books of the Bible as distinctive from each other in various categories and systems, when these groupings drive our theology, then we've been much too clever for our own good.
Our theology, which is our understanding of God as subject matter, must be defined by His Word. Second to that, our relationship with God will increase our perception of God, which must align with our knowledge of Him.
Psalm 34:8 (NKJV)
Oh, taste and see that the LORD [is] good; Blessed [is] the man [who] trusts in Him!
But our experience does not define our theology, which at its root literally means our knowledge of God. What do we really know?
The second half of Psalm 34:8 speaks to that; knowing is trusting.
There's nothing about my understanding, my knowing of God and my trusting of Him that is more relevant than what is meant by "Covenant." It defines how it is we even have the hope of knowing Him and therefore defines the life journey of coming to know and experience Him.
John 6:51 (KJV)
I am the living bread which came down from heaven: if any man eat of this bread, he shall live for ever: and the bread that I will give is my flesh, which I will give for the life of the world.
Thus the Covenant of God (from heaven) is expressed anew, and through the broken bread of Christ's Body and the cup of Christ's blood, by the rending of Christ's flesh we now know God, experience Him, and can express our trust by taking up our own cross to follow.
So, we might call the books from Matthew to Revelation "The New Covenant." Argument is made that the writings give testimony, that they bear witness. That is the experiential aspect of the writings, particularly the Gospels.
But when measured in full, particularly when one considers the book of Hebrews, we are reading about the renewal of a covenant- the covenant of God with man. Adam and Eve were not Jewish. Noah wasn't Jewish. We get fairly far into world history before there is a Jewish people and so we know from Genesis 1 and Job up to the time of The Patriarchs, God is relating to those who will relate to Him.
And in the Gospels we see a Jewish Messiah relating largely to a Jewish people- but from Pentecost to Jude we see clearly that God has always loved the world. So, from God's perspective it seems to me He has put forward a "Renewed Covenant." He is taking us on the next part of the journey He started with us in Eden.
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