Unless you plan on driving or walking, there are two easy and affordable ways to go to the Peak. The first is through the really popular Peak Tram, the first cable funicular in Asia.
From Central Bus Terminus (near Star Ferry), board Bus No. 15C to go to the Peak Tram Lower Terminus. Pay only HKD4.20.
Be prepared for really long lines though. Those purchasing combo tickets (round-trip Peak Tram fares and tickets to Madame Tussauds Wax Museum and Sky Terrace) may enjoy a shorter queue but you would still end up with all the others waiting for the tram.
Our group got there at past 6 AM and it took us an hour at least before we got to ride a tram. Unfortunately, we also had to endure the heat and some pushing from the other visitors. There was no special lane for those with kids but a group of travelling senior citizens were given special treatment and were not required to fall in line. Unfortunately again, in all the rush to board the tram, one of them yanked on my niece's arm which scared my niece enough to cry, which upset my SIL and BIL enough to shout at them, "hey, there are kids here!"
Both my husband and another BIL had to secure our kids from the others who were pushing to go in, so we weren't really in the mood to enjoy the tram ride up. Plus, since it was dark already, we only got to appreciate the city lights when we were already really way up high to see them.
After our fun time at Madame Tussauds and upon seeing the long line at the tram station to go down, we decided to just board the bus to Central.
Bus No. 15 gets you all the way from Central (pier 5) to the Peak and back again for HKD9.80. However, it is not a bus ride for the faint of stomach. One of those riding the bus with us had to get off to barf, which made us all feel thankful we hadn't eaten anything yet. Bus drivers in Hong Kong know their roads and tackles these at breakneck speeds, even if said roads are going downhill and zigzagged.
The Peak tram operates from 7:00 AM to 12:00 MN while most of the attractions in the Peak Tower open at 10:00 AM.
Last trip for Bus. No. 15 from the Peak is at 1:00 AM.
Please note that we travelled as a caravan of 8 adults, 3 preschoolers and 1 infant and were in Hong Kong between August 22-27, 2011, the height of summer (and summer sale) there.