Gas Question

I just bought a 94 Acura Vigor GS. I know it says premium only, but I know the previous owner never put premium in and just used regular. Should I continue to use regular or should I start using premium? What will this or has this done to the car?

the car prolly has a knock sensor of sorts and it ran 'retarded' all its life and never developed full power

If that is the case, can the power restore itself if I start running premium in it. I guess im just really worried about the engine life and if it took any damage from this.

You should run premium to get the full benefit of the engine. Like quaddriver said, its probably retarding the timing due to knocking from lower octane gas.