Cryptic crossword clue
Peter out of luck at first, if at races 4,3

The most common and most likely answer to this crossword clue is the 4 plus 3 letter word TAIL OFF

I've seen this crossword clue in The Times
T
A
I
L
O
F
F

Buddy explains!

The straight part
We know that "Peter out" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case peter out = tail off.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

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