This is a good question but it has a multi-fold answer. Let's see...
In the old days, make-up was not made as well as it is today &, as a result, many people now approaching their sixties & beyond are finding that their skin has suffered because of it. One of the primary factors had to do with no real SPF type protection in the make-up as well as the various chemicals that were used. At the time, no one knew about the problems that would develop. Plus, if you take a look at some older photos, you will find that women wore a lot more make-up than most of us do in today's society.
Things have changed quite drastically in recent years, partly due to all of the advances in skin care as well as all of the knowledge gained through research into the various skin cancers & such. Still, you have to be careful when choosing your make-up & this means that you pay for the best protection. What I suggest, no matter how much you might or might not wear make-up, it to spend your money on a good skin care system & do a little research before you choose the best one for your skin type. Also understand that, as you age, your skin type will change & your skin care will need to change with it.
As for the make-up, if you have a good foundation in a good skin care regimine, you can sometimes get away with a less expensive make-up. Even so, in the long run, it is better to spend the extra money for the even the few products that you might use as those products will provide you with the best protection.
As for not wearing too much make-up, I can tell you from experience that my skin - though I have to admit that I have some excellent genes in the skin area - has not aged (I'm 40 now) nearly as much as my friends who are even younger.
I simply use Noxema to clean my face & Oil of Olay a couple of times a month & I commonly have people refuse to believe my age unless I show them my driver's license.
I have to admit that I attribute a lot of this to the fact that I've never worn make-up very often. I can also tell you, from the perspective of guy's responses that, while they enjoy seeing a woman all dolled up with make-up they, overall, seem to react even more to women who don't wear much because their natural beauty shows through. It is sort of like buying a car, sight unseen & then realizing, following the purchase, that the car wasn't as pretty as you thought.
Well, when a guy gets with a girl who doesn't wear a lot of make-up, he never has to wonder about it because she is as she is & any make-up that she might wear for a special occassion will only highlight her obvious beauty.