Ok, so I checked out a 2001 Prelude SH today with 123xxx miles. It is a clean title. I talked the lady who owned it down to $6100 from her original $7000.

I have a couple concerns, however. The timing belt has not been replaced yet, and she said something about an intake valve being replaced. When I asked the lady's son who drove the car to let me see if vtec worked, he gunned it and burnt some rubber. I hope he hadn't always driven it like this. He said the engine burns 1 qt of oil every month. Also, he said that they had not put premium gas in it for a couple months. He changes the oil with royal purple every 6000 miles, but changes the air filter every 3000 and tops the oil off as necessary.

Another thing is when he turned, I heard (and pretty sure I felt) a knocking coming from the rear. He said that it was a collar for the left rear strut. Does this seem reasonable to you.

Also, it is throwing the P0401 code, but I'm not really worried about that. Everything else seems pretty nice.

Does this seem like a good buy to you guys?

 

Well, at 123xxx, if you buy it. You'll have to do a few things.
Obviously get that knock checked out. If it did it when he turned both directions, it could just be a bad bushing and the sway bar is moving.
If they had a valve that had to be replaced on a 9 year old car, he probably dogged it at least enough to burn a valve up. I've had 4 4th Gen Preludes and they all had over 200xxx miles on them and they were still using their stock valves still. Never been replaced. The oil burning, is probably from him hitting VTEC. VTEC burns a lot of oil and gas. And you might wanna check just to make sure there's no leaks somewhere helping that quart disappear. The 5th Gen's can run on unleaded from what I've been told (dnt quote me on that.), they dnt have the high compression that the 4th Gen's have. And you can go back to Premium without hurting anything. Just drive all the unleaded out, or just drop the tank and get rid of it.
One more thing, if he's always used Royal Purple, that's what you have to use. Yet again, that's on something I've been told. That if you go back to another oil it will damage the engine.
And have you checked the Kelly Blue Book on the cars condition and stuff. Like, is the paint job clean, interior not damaged at all. KBB will give you a price on how much that car is worth Private Party, or Trade in.