[name_f]Caroline[/name_f] is sleek and classic but never been a favorite mine ..
I adore [name_f]Elisabeth[/name_f] and [name_f]Elisabeth[/name_f] [name_f]Caroline[/name_f] would be a gorgeous name 
[name_f]Elisabeth[/name_f]!
I adore [name_f]Caroline[/name_f]. That gets my vote!
These are both extremely common where I live, but I think [name_f]Elisabeth[/name_f] is at least a little interesting because it has so many nickname options waiting for revival.
[name_f]Elisabeth[/name_f]
Both are gorgeous, but I would pick [name_f]Elisabeth[/name_f]! I can’t seem to get past [name_f]Caroline[/name_f] [name_m]Bingley[/name_m] with [name_f]Caroline[/name_f] (though [name_f]Coco[/name_f] is so fun!), but I adore [name_f]Sisi[/name_f] with all of my heart (and I think you could do [name_f]Lily[/name_f] as a nn for [name_f]Elisabeth[/name_f] too!). I would be elated to meet a little [name_f]Elisabeth[/name_f] nn [name_f]Sisi[/name_f] or [name_f]Lily[/name_f] 
[name_f]Elisabeth[/name_f] is such a classic and I LOVE the nickname [name_f]Lisi[/name_f]. [name_f]Elise[/name_f] is also a great shorter form.
[name_f]Elisabeth[/name_f] [name_f]Caroline[/name_f] has a lovely cadence.
Both are lovely, but [name_f]Elisabeth[/name_f] is my favourite - I love the idea of [name_f]Elisabeth[/name_f] [name_f]Caroline[/name_f] as a combination!
I would pick [name_f]Caroline[/name_f], because Eli(z)abeth is more common where I am, and I think I’d be more excited to see [name_f]Caroline[/name_f] on a new baby! It reminds me of the [name_f]Laura[/name_f] Ingalls [name_m]Wilder[/name_m] books 
Though I do love all the nicknames for [name_f]Elisabeth[/name_f]! Hard choice!!