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Its sad, but this is the only solution I have found. You must not be at war with anyone, so you can't join anyone. If you pair this with a few workshops in the super early game you can make some money, but once you want to join a kingdom, you need to sell them all unless the workshop is in your kingdom.
Op indicated they are destroyed even at peace.
The only other thing I can think of is you aren't clearing hideouts every 3 seconds then, as large amounts of small groups can descend on a caravan and take it out if it passes close to a hideout. Your companion needs to be really good at basically everything, more HP for troops, better damage, high trade skill, Scouting, riding(for party speed bonuses) etc...
Sometimes and in some areas, bandits have a better chance of catching caravans. What are natural passes on the campaign map are choke points. There are several places where the area shrinks to a small "corridor" giving caravans much less maneuvering room. Areas such as to the NE of Rhotae, or the pass heading to Revyl, the gap in the mountain range from Battania which leads to Ostican. And of course there are the narrow spits of land where it is very easy to trap faster parties. Such as the western passage into Aserai lands. And there are always the instances of simple bad timing. When a bandit party is passing a town as a caravan exits onto the map.
Those are a few that pop into my head as I type this, there are more. A couple of other factors is how far you are into the game and how many bandit parties are roaming. In areas where bandits tend to congregate (In Vlandia west of Galend, In Sturgia N/NW of Omor for example) if one bandit party catches a caravan multiple other parties can be pulled into that battle. I have seen a bandit party of 15 catch a caravan and have 3 or 4 other bandit parties pulled into that. They overwhelm the caravan guards.
This is why if I use caravans, it is only when I am still completely unaffiliated. In my current game, I am trying something new for me, I have 8 or so caravans and 5 or 6 workshops. I am clan tier 4 and only fight bandits, do mission to increase notable standing or compete in tournaments. So far, I have lost no caravans to bandits. I am running around with a max tier party, but I keep it to 91. Still making over 1000 denars a day in combined profit from the caravans and workshop.
If you're running around with only a few thousand dinars, dropping 15 thousand plus on a caravan that will only generate a few hundred a day doesn't look very exciting.
But as one of my professors used to say, the answer to every question in Finance is "It depends".
Remember that there are very few investment opportunities in Calradia.
And if you're running around with five to ten million dinars from smithing because you turned your family and companions into the House of Krupp, you're going to be looking for every and any way to use some of that excess cash before you really need it, even if the rate of return is laughable.
So depending on where you are in the food chain, caravans can be a good idea or a bad idea.
The concept of the caravan as a training exercise is too complicated to go into. But I really think you should focus on forming your caravans as cheaply as possible, running them from economically viable areas, and not being at war with anyone for about two years while they're running.
And making sure that the caravan leader has a healthy does of the right skills (riding, scouting, trading, tactics, steward) when he first sets out can make a big difference.
I've had caravans generate some pretty nice returns, but I was careful not to be at war with anyone (i.e. neither mercenary nor vassal), and travelling around in areas that weren't saturated by other traders doing the same thing.
Caravans won't make you industrial strength quantities of money. If you want that you need to figure out how to turn your party into a production line for making lots of middling two-handed sword (or anything that can burn through all the traders' money in two towns at a clip).
At the end of the day, if a caravan wanders around in an area with lots of burned villages and low prosperity towns, it probably isn't going to make much money. Paying close attention to a town's prosperity is probably the first thing you should be worrying about when buying workshops. I usually do a quick prosperity survey of the region I'm going to buy them in, and start buy in order of prosperity. After I decide where I'm going to buy, then I figure out what they should produce.
I used to feel this way with a few early versions of the game.
v1.2.0. has many subtle tweaks and although I do not assign my companions to this task I have noted the survivability is greatly enhanced in this game version.
My other point would be that the passive gold from a caravan is arguably not the only reason for running one.
The Caravan captain passively increases certain skills, when attacked these skills are advanced.