IFS formula issue

Hello Excel Enthusiasts ,

I am currently learning excel basics and couldn't figure out why IFS formula does not work. I want to divide the price of the car depending on each owner and the formula is working only for a first logical test (1st owner). For some reason it does not calculating price for other logical tests (2nd owner, 3rd owner and 4th owner).

Example sourced in free excel exercises.

Thanks for help!