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I'd say this depends a bit more in which game you like more. Charlemagne gives you some interesting early-start options for CK2, while El Dorado is a great expansion for EU4 for MP, explorers, and if you want to play central and south american nations. If you wanted to play a SP EU4 game with Poland, for example, El Dorado probably wouldn't change it up too much, but if you wanted to make your own custom nations and play, it'd have long legs indeed.
 
While they are both good, I feel the El D addes more for the price. IMO
 
Wait for a steam sale and get both for like 7 bucks.
 
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Really? Could you expand on this?

It covers a lot of eurasia, without really doing any of the places its covering well - even after a DLc to flesh out dem christians christians are still horribly bland, which is still better than 90% of the other ones

also Hyper-stable empires everywhere + the inability for it to even correctly model the games own name.
 
And I don't want to whine but the QA for CKII and EUIV aren't on the same level.
Apart from some mistakes for ED, EUIV brought a patch with all functionalities working while we needed one month for CHarlemagne to be able to play a decent game

But on the gameplay, I'd say El Dorado. Colonisation is much better and at last you have inflation problems if you go the Americas. :) (but brings you horde of golds on the other side :p)