Custom permalink structure has issues with my custom post type

I wanted to change my permalink structure in my Permalink Settings to /%postname%. However, when I do this my custom post type pages display error 404. Why would this happen when changing the permalink structure?

The post type that is having the issue is my “cars” post type. Cars also has a custom taxonomy of “status” that is used to show if a car is “sold” or “for sale”. Ideally I would like to have a permalink structure like, http://www.example.com/cars/corvette or http://www.example.com/cars/sold/corvette. Any insight would be greatly appreciated!

Here is the register_post_type and register_taxonomy code from my functions.php:

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