I am getting the above error for my code below. Can someone please explain what the issue might be ?



<aura:component implements="flexipage:availableForRecordHome,force:hasRecordId">
    <aura:attribute name="buttonlabel1" type="String" default="Search Button"/>
    <aura:attribute name="buttonlabel2" type="String" default="New Button"/>
    <aura:attribute name="isNewAvailable" type="Boolean" default="false"/>
    
    <aura:attribute name="carTypes" type="String[]" default="['Hatchback','Sedan','Sports','SUV']"/>
    
    <lightning:layout horizontalAlign="center">
        <lightning:layoutItem padding="around-medium">
            <lightning:select name="selectItem" aura:id = "carType" label="Select Car Type" variant="label-hidden" class="label-hidden" value="1">
                 <option value ="1" text = "All Types"/>
                <aura:iteration items="{!v.carTypes}" var="carType">                    
                    <option value ="{!v.carType}" text="{!v.carType}"/>
                </aura:iteration>           
            </lightning:select>           
        </lightning:layoutItem>      
        
        <lightning:layoutItem padding="around-medium">
            <lightning:button label="{!v.buttonlabel1}" variant="brand"/>       
            <!-- display new button on availibility-->
            <aura:if isTrue="{!v.isNewAvailable}">
                <lightning:button label = "{!v.buttonlabel2}" variant="neutral"/>
                <aura:set attribute = "else">
                    New Button cannot be added here
                </aura:set>
            </aura:if>
            
            
        </lightning:layoutItem>        
    </lightning:layout>
</aura:component>