First thing, and assuming you simply aim to free space:
1) downloaded files can be copied to an external drive. Thus, you can throw them to trash from the download folder afterward.
2) many of the downloaded files (especially installers) can be throwed as well after install (this, if the installation itself do not directly ask if you want to keep or throw it). You will probably never have to reinstall that version because if you ever need to, it will be a different one. Make sure you keep access to licenses if needed (in an email or elsewise).
3) some other downloads may pertain to categories for which you may already have created folders in different locations: just bring oranges where oranges are, and bananas where bananas are, and again, wipe from the download folder.
4) some downloads may ask where you want to save the file: route it where you want, and it won’t go to your download folder.
Bottim line: there is no use to move a download folder. But you could also creste a folder called whatever (Download2 or whichever name you want) and save (or copy) there.