Definition
to pass away or die
He eventually pegged out on the hospital bed.
Many elderly people feel lonely after retirement, and over time, many will peg out.
His grandfather pegged out at the age of ninety, leaving behind many cherished memories.
to cease functioning or working
That old washing machine has finally pegged out and can no longer function properly.
Due to a power shortage, the factory has pegged out recently.
After years of use, the old car has pegged out after its last trip.