Meaning of the word "peg out" in English

What does "peg out" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

peg out

US /pɛɡ aʊt/
UK /pɛɡ aʊt/

Phrasal Verb

(informal) to die

Example:
He's been looking ill for a while, I think he's about to peg out.
The old car finally pegged out on the highway.