Peterhead manager Jim McInally was hugely frustrated after his side’s play-off defeat.
McInally said: “It wasn’t down to this game, but when we lost 4-1 in the first leg at home. It’s been a really disappointing end to the season with us losing a number of games in recent weeks.
“Ayr are a good side and have exposed us in this play-off.
“But we’ve had so many good things this season including that great spell of 19 games unbeaten and we had a lot of good results.
“It was great for the club to get to the Challenge Cup final against Rangers.
“I would not swap that for anything, but it did cost us badly as we had four defenders out injured and in recent games had to rejig our defence.
“We have a good squad and I am in the process of looking to add to it.
“We might as well try to go for the title next season and we certainly would not miss Ayr if they get promotion.
“However whoever is in League 1 next season we will look to have a good attempt at the league and we can learn from this season’s efforts.”
Delighted Ayr manager Ian McCall admitted he feared a Peterhead comeback.
He said: “We were in a great position after the first leg but Peterhead are dangerous opponents.
“Rory McAllister scored five goals in one game against a good Falkirk team. I thought Jamie Adams handled his big threat very well and was outstanding for us.
“We lost two late goals at home to Airdrie so the players were warned and stuck to their task admirably.
“It was a great occasion at Somerset Park and we now feel we have a good chance in the play-off final against Stranraer.”