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    

$800,000,000.00

RYDER SYSTEM, INC.

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:
    03/15/04  
 
        
Maturity Date:
    03/15/09  
 
        
Interest Rate:
    3.500%  
 
        
Day Count:
    30/360  
 
        
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.
 
        
Form:
  x Book Entry       o Certificated
 
        
Redemption:
  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.
  $125,000.00  
Citigroup Global Markets, Inc.
  $275,000.00  
J.P. Morgan Securities Inc.
  $275,000.00