In 1991, he suffered a disastrous season in Formula One, failing to pre-qualify for 13 Grands Prix with an under-financed and uncompetitive Coloni.

After failing to pre-qualify for the Portuguese Grand Prix, Chaves left the team, taking the remainder of his sponsorship money with him.

At the end of that year Chaves had an agreement with Leyton House (which would be renamed to March F1) to compete in 1992, however the sponsorship money came too late, and Karl Wendlinger took the place.

Chaves and Robbie Buhl were the only drivers to win that season other than Greg Moore, who won the rest of the events.

Chaves moved to the Portuguese Rally Championship in 1998, winning the title in 1999 and 2000, with his co-driver Sérgio Paiva, in a works-supported Toyota Corolla WRC.