This paper focuses on the model reduction of nonstationary linear parameter-varying (NSLPV) systems. We provide a generalization of the balanced truncation procedure for the model reduction of stable NSLPV systems, along with a priori error bounds. Then, for illustration purposes, this method is applied to reduce the model of a two-mass translational system. Furthermore, we give an approach for the model reduction of stabilizable and detectable systems, which requires the development and use of coprime factorizations for NSLPV models. For the general class of eventually periodic LPV systems, which includes periodic and finite horizon systems as special cases, our results can be explicitly computed using semidefinite programming