The first time I hung some pegboard in my garage I started to think about the best way to do it. I knew that there were options like the DuraHook kit from Amazon but they're about $9 and you'd have to wait for them. If you want to go this route anyway I've included a link here.
Instead of using the pegboard hook I used some 1/2" PVC. It works great. Just cut the PVC into uniform sizes using a PVC cutter. I made mine about 3/8" long. You're hooks don't need too much space to be installed.
After you get enough cut (I did about 8 for a 4' x 8' pegboard) you'll need to find and mark the studs. Use you stud finder and start in a spot on the wall without a stud. You can tell by tapping on the wall. It should sound like you're hitting a hollow spot. Activate the stud finder and slowly move it until you find the beginning of the stuff and mark it. Then mark the end of the stud. Now make a different mark in the middle of those lines. This is were you want to screw your pegboard into.
After you get the places marked you can actually hand the pegboard. In the picture you can see that I used the PVC as a spacer. After that you're done. Hang your hooks and make it look great.
