RYDER SYSTEM, INC.FORM 424(B)(3) 333-108391

Pricing Supplement No.      1        Dated    03/09/04      Rule 424(b)(3)
(To Prospectus dated October 2, 2003 and
Prospectus Supplement dated October 3, 2003)
  File No. 333-108391
CUSIP No.     78355H JE0    



Medium-Term Notes
(Registered Notes-Fixed Rate)
Due Nine Months or More from Date of Issue

Principal Amount:
  $ 135,000,000  
Issue Price:
  $110,000,000 @ 100.000%
$25,000,000 @ 100.054%
Issue Date:
Maturity Date:
Interest Rate:
Day Count:
Interest Payment Dates:
  Semi-annually on April 1 and October 1 of each year,
commencing April 1, 2004 and at Maturity.
Record Dates:
  March 17 and September 16.
  x Book Entry       o Certificated
  x The Notes cannot be redeemed prior to maturity.
  o The Notes may be redeemed prior to maturity.
Terms of Redemption:
Repayment at option of holder:
  x The holder has no option to elect repayment of the Notes prior to maturity.
  o The Notes are repayable prior to maturity at the option of holder.
Terms of Repayment:
Discount note:
  o Yes      x No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period OID:
Name of Agent and Agent’s Discount or Commission:
Wachovia Securities, Inc.
Citigroup Global Markets, Inc.
J.P. Morgan Securities Inc.