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All newer instance types are VPC only. The reason for this issue is that your instance is using Classic networking. You need to first move your instance into a VPC in order to use current instance types.
https://docs.aws.amazon.com/AmazonRDS/latest/UserGuide/USER_VPC.Non-VPC2VPC.html
Hth,
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asked a year ago

Thanks Phil, that worked. Would be great if you could fix the error message to be more helpful.