ADVICE please?! Any kind of input is welcome!?

You might want to consider using the bike, the way gas prices are shooting up nowadays. But really, I don't think you should tell him how you feel about the bike, especially knowing if it would hurt his feelings...and really, upsetting him over something as simple as a bike? Just thank him for it in the nicest way possible and sell it for some cash later on down the road when he won't notice lol