hes still alive, the ghost version is just the tram itself at night, when he becomes a ghost, he could head back to the tramline for a while but doesnt wanna spook anyone who comes around him, so his time to leave is when someone approaches him as a ghost
how did he get lost? yet to be answered by the tram himself. btw tram 99 got lost in 1942, also, tram 99 might come back at the night and then waiting until day as a ghost