Yes, Southwest lets you turn in a ticket for any other ticket that might be priced cheaper (or more expensive for that matter). There's no charge for doing so. When you do so you get a "travel fund" which you may use to buy another ticket. Such new ticket would be for travel that would been to be completed within one year of the day the original ticket was purchased. You may trade in tickets an unlimited number of times. Travel funds and any new tickets would need to be used by the person whose name was on the original ticket.
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