Struggling with custom taxonomy templates...Help is appreciated

Scenario:

I have created a custom post type called “Product”. Within this post type are 2 separate Taxonomies: “New Products” and “Used Products”.

I’ve created 2 separate page templates for each and saved them both as “Archive” as appose to “Single”.

Under “Template Settings” I’ve set the following condition:

Template 1 - Post Type: Post Type / Archive Terms: All Terms (New Products) / Post Type: Product

Template 2 - Post Type: Post Type / Archive Terms: All Terms (Used Products) / Post Type: Product

Despite these settings, only one template is showing for all product types, “New Products”

What am I missing?