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A caravan is usually a home or living space attached to a trailer. This means a caravan requires another vehicle such as a ute or larger car to be mobile. Caravans are joined to motor vehicles via a towing connection.
With campervans on the other hand, the living space is part of the vehicle itself. Usually the interior of a van or larger vehicle has been fitted out for living and sleeping. This means campervans are fully mobile and do not require another vehicle to transport them.
With the living space being part of the vehicle itself, campervans are usually much more mobile. There is no need to attach/detach a trailer which makes setting up and packing up a breeze. With the smaller vehicles being the size of a regular van, navigating through cities and residential areas can also be much easier. Campervans are generally easier to park and store also.
Caravans on the other hand require a little more skill to drive as the experience is similar to driving with a large trailer. When setting up in a campground for the night you will usually need to detach the trailer, which can require a little more time. One benefit, however, is that caravans can often be pulled by a larger car. This means you can detach the caravan, leave it at the campsite and explore the surrounding areas in just your motor vehicle.
It is worth mentioning that there are more rental suppliers for campervans than there are caravans. This means campervans are generally more widely available for rent and with more options to choose from.