Though it’s generally true that you get what you pay for, the newcomer cosmetics brand E.L.F. (eyes, lips, face) has turned that old saw on its head. Every E.L.F. product – from lipstick to shimmer to eyeliner – is priced at just $1. But just because the line is cheap doesn’t mean it’s cheaply made. Each product is formulated with beneficial elements, including SPF, vitamins, anti-oxidents, and conditioners. And this week, the company is launching its first mascara, a lash strengthening formula that comes in both regular and waterproof in a single tube – for $1. Skin-enhancing cosmetics that cost less than a subway ride sound a little too good to be true. But after a few weeks of trying E.L.F. products, I put my skepticism to bed. They’re cheap – and they’re good. But how can they possibly be so inexpensive?

E.L.F. is a joint venture between beauty expert Scott Vincent Borba, who has developed products for Neutrogena and Hard Candy, and apparel-industry veteran Joseph Shamah. Together they set out to develop a widely accessible line of quality cosmetics and skincare products.

Once the idea was set and the formulation process began, it became clear that the prices could be even lower than originally anticipated. “We were going to offer them at $4 to $5,” said E.L.F. owner and board chair Alan Shamah.

But when they realized that the same products could be made at a lower price point without harming the business model, the prices were set lower. “We decided to come out with a price point that meant something to consumers,” said Mr. Shamah.

What the minds behind E.L.F. are counting on is volume sales. If every product is only $1, then the risk of choosing the wrong lipstick shade is minimal. And if you lose a $1 pressed powder compact, it’s not quite the same as losing Lancome’s Dual-Finish, which goes for about $30.

“You can have one cosmetic bag filled at the office, and one at home,” said Mr. Shamah.

The fact that E.L.F. is mainly distributed online helps control overhead. When the company launched this fall, it focused initially on simply making the products available to consumers. Currently, the entire line is available at www.eyeslipsface.com and limited retail outlets. But the goal now is to refine the demographic, and a relationship with Target stores is in the works.

“These are feel-good, begood cosmetics,” said Mr. Shamah.

Indeed, any products that can mask the work-hard, play-hard dark circles under my eyes have my vote. Quite literally, I look more awake than I really am when I wear the Tone Correcting Concealer under my eyes – and a few drops of the Shimmering Facial Whip (in Lilac Petal and loaded with Vitamins E, B, and C) on my cheeks. The Clarifying Pressed Powder does its job, but I don’t care for the applicator pad, which isn’t soft enough and doesn’t fit well into the compact.

The eye shadows stay on quite well and have a little glitter to them, which is fun. And for the price, the mascara is surprisingly effective. The black color is a deep jet, and the brush really separates the lashes. And I appreciate the convenience of having both regular and waterproof in the same product.

As for the lip colors, I’m a fan of the glosses and balms rather than the lipsticks. The Shielding Gloss in Mauve Luxe has a pleasant grape taste, soft shine, and SPF 15 inside. The Therapeutic Conditioning Balm comes in pretty pale colors and moisturizes well. The texture of the Moisture-Care lipstick didn’t quite work for me, and the plastic tube kept falling apart.

All quibbles aside, E.L.F. made me stop and reassess my makeup collection. I have bags of lipsticks, eye shadows, and powders that didn’t quite work for me, but because they were pricey, I’ve been holding onto them, hoping that they’ll work “when I have a tan” or “when I go to a formal event.” I can dump quite a lot now. And I can also walk by department-store cosmetics counters without being easily swayed into budget busting purchases. Mr. Shamah is right: E.L.F. is about feeling good, and being good.