Coachella festival organizers have announced a new classic rock festival, Desert Trip, for this October at the Empire Polo Club in Indio, Calif., about two hours from Los Angeles. The festival, affectionately called "Oldchella" by fans, will run from Oct. 7-9 and feature an all-star cast, including Bob Dylan, the Rolling Stones, Paul McCartney, Neil Young, The Who and Pink Floyd.

Tickets for Desert Trip go on sale May 9 at 10 a.m. PT and will probably compare to the pricey fare for the Coachella Valley Music and Arts Festival, an annual event, also in Indio, a dessert town that has served as a winter getaway for many Southern California residents. The 17th Coachella Festival finished two weeks ago and featured Guns N' Roses and Ice Cube. 

Over the last couple of years, Coachella has taken its trendy two-weekend event to new levels. The 2015 Festival grossed a total of $84.26 million, more than any other festival in the world. The two-weekend event also drew nearly 200,000 attendees.

Due to its overwhelming popularity, Coachella is known for selling out quickly. This year's festival was no exception. General admission three-day passes went for $375, and VIP went for $899. 

Three-day passes for Desert Trip start at $399 for general admission, with reserved tickets also available for the floor ($699, $999 and $1,599); the grandstand ($999 and $1,599); and the standing pit ($1,599). Single-day passes start at $199. Tickets are likely to sell out fast, and as a result, fans looking for tickets aren't likely to see budget-friendly deals on the secondary market.

For Oldchella, it will pay to be a local for purchasing tickets. Goldenvoice producers have announced that Coachella Valley residents from Palm Springs to Mecca will be able to buy a three-day general admission passes in person on Wednesday, Oct. 5 -- two days before the festival launches at the Empire Polo Club in Indio. The 1,000 general-admission passes for locals will cost $435 each, including fees.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.