I looked at the wiki and saw that Caravan didn't have an article so now it does. Feedback wanted!
Caravan is a good card. It’s consistently in the top ten $4s on Qvist’s ranking, and if you look at the stats on Councilroom, you can see that most players have noticed it: it has been gained by 89.4 % of all decks which could have gained it. It also leads to quick games. Its average game length of 19.20 turns comes in behind only Governor and Wharf. So, what makes it so good, so fast and intuitive? And if it’s so good, what’s going on in the remaining 10.6 % of decks?
What’s going on with this card?
On your current turn, Caravan does nothing. It just replaces itself with a new card, leaving you with a 5-card hand and 1 action. Now, if you make the mistake I’ve made several times in RL games and accidentally clean it up immediately after the turn in which you play it, it’s just a stupid and pointless card. But of course, the awesomeness happens at the start of next turn, when you draw a card, getting you a 6-card hand with 1 action, as if you had already played a Lab! Since Lab is a good card, this helps explain what makes Caravan good; it’s like a Lab but costs $4! So, you can always open with it and it’s much more accessible, explaining the slightly faster games than Lab’s 19.56 turns.
But Caravan isn’t strictly better than Lab because of the fact that it’s a duration. Since it stays out, it effectively takes two turns to play Caravan as a Lab. And it misses reshuffles more often because that’s just what durations do. So, in a deck-drawing engine, you play Caravan half as often as Lab, and without deck-drawing you play it just slightly less often do to skipped reshuffles. So, Caravan’s main advantage over Lab is the fact that it costs $4 rather than $5 which is a pretty significant advantage in accessibility. This comes because not only is $4 significantly easier to hit than $5, but also because cards which gain up to $4 are more common than those which gain $5+ cards. For instance, Caravan is a great target for Talisman. This accessibility increase makes it easier to add extra Caravans to your deck when you're in the greening phase and maintain reliability. That being said, Caravan becomes a little less useful in the late-game as making next turn big becomes less important when you may not even have a next turn. Also, an important point about Caravan management is to figure out how many you actually want at the start of a given turn and not autoplay all of them. If a you can reliably draw your deck with a 7 card hand, but not with 6, and you have 4 Caravans in your deck, you should try to play 2 each turn, and not split them 3-1.
However, if your deck is built around fishing for a specific megaturn combo like King's Court/Bridge, or a Horn of Plenty deck, you might find yourself wanting one super turn over reliability. This is where clumping your Caravans for a single turn can actually be useful.
What about the 10.6 %?
Now, this is the point where with something like Explorer I’d spend a long time telling you about the few cases where you actually want it. But people seem to understand when they want Caravan so instead I’ll tell you that the 10.6 % of players may have had a good reason to skip it. Caravan is worth picking up in all the cases where you want Labs; that is anytime you want non-terminal drawing in your deck. In an engine deck there are two main cases where you don’t want non-terminal draw; Menagerie and cards which draw up to a fixed handsize. Drawing extra cards will make Menagerie less likely to activate, and will make cards like Library and Watchtower draw fewer cards.
In non-engine decks, there are two more cases where you probably don’t want Caravan. In terminal-draw BM, any cantrip will likely just get in the way of your terminal draw card. And in slogs, you probably have a low action density, so while Caravans still help cycle your deck, there are likely more appealing actions to purchase, knowing that you have a lower risk of terminal collisions.
Also of note with Caravan is that while it's often good, it's not usually great, making opportunity cost a big part of deciding to get it. There are many Villages and decent terminals at $4 that you might rather want - especially if you have a card like Caravan letting you draw your deck every turn.
Works with
Cards that like big handsizes (eg.Baron, Trashers, particularly Trash for Benefit.)
A few key terminals that you want to play as many times as possible (eg. Monument)
Gainers (eg. Workshop, Talisman, Ironworks)
Decks which need a bit of extra reliability
Doesn’t work with
Menagerie
“Draw up to” cards (eg. Library, Watchtower)
Terminal-draw BM
Slogs (if there’s a better card at $4 or less to buy)