Neville will leave Goodison Park at the end of the season when his contract expires, the second summer running when the Toffees have lost one of their lynchpins, having seen Tim Cahill depart 12 months ago.
Moyes knows significant change is required, but it seems almost certain that he will have to work with less money than many of his rival managers at the top end of the Premier League, and that may have contributed in him delaying his decision whether to extend his own contract.
"I do think there is a big rebuilding job to go on at Everton," said Moyes, whose deal runs out in June.
"With Phil going that is a big piece of the jigsaw which will leave and if we make Europe we are going to have to find a way of bringing in five or six players because of the way your squad is affected.
"We have a few players getting near the end, we have a little bit of an ageing team. We have not invested an awful lot over the last five or six years so we have to now be looking to see how we do that, how we get the team moving forward and get some younger players in as well as developing our own.
"That is the hard bit. We have a few players in their 30s and we have to start looking to replace them but supporters also want us to continue playing at the top of the league.
"You get the young players in and they might need a bit of time to settle in and be given that period. It is a tough act for us at the moment because we are trying to get that balance of keeping up at the top end of the league and obviously having to try to change over the age group of players we have.
"It happens at all clubs. It all comes to an end and teams continue to evolve."