I had an old park ticket from 92, ticket price was something like $30-32. I traded it in for a 1 day ticket on a weekend trip last Feb, where prices were about $55. They didn't charge me anything, they just traded the old ticket for a new one.
If you are getting a multi-day ticket you will only get a fraction of the original price for the original ticket and it will be subtracted from the price of the new ticket. We never trade it old tickets toward new ones for this very reason. We use them as is and just buy new tickets separately.
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