Bear in mind most of my chariot experience is with British Chariots... but you can't expect them to kill many men themselves. They are however perfect for charging the flanks or rear of the enemy battle line (once engaged with your infantry/cavalry). Before I've caused literally an entire battleline to flee at once when they were flanked by chariots this way.
Personally I'd say elephants are far more powerful, since they can stay alive as well as disrupt the enemy. Chariots really are very flimsy and if they stop moving in an enemy formation they wont last more than seconds (Try keeping a British general alive, it's not easy). The moment you engage the enemy run *through* the enemy unit and keep moving. Never stop chariots.
That's not to say chariots are useless when your army has access to elephants. Elephlump's are very expensive to recruit and maintain. And let's face it, chariots are faster and cooler.
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