First, stay calm. With a fastened seat belt and a car that's less than 15 years old, you can get away from many accidents with minimal injuries. Just try to avoid a head-on collision.
1. Start shifting down gears.
2. Help deceleration by applying the handbrake in a measured manner. Caution: if you apply the handbrake too much, you will lock the rear wheels and will destabilize the car.
3. When you reach 1st gear, turn off the engine but do not shift in neutral. This will allow the engine to provide resistance all the way to a full stop. Do not remove the key as this will lock the steering column.
4. Use the handbrake to come to a complete stop.
If you are an experienced driver (which should mean that you probably already know this stuff) , and depending on the situation (city, highway, traffic, pedestrians), there are other things you can try as well. A few are listed below, in order of increasing risk:
1. Swerve a bit to create friction.
2. Take hard turns if available.
3. In a highway, start having contact with the side barrier or the lane divider.
In long downhill roads it is common for the road designer to provide escape ramps that one can drive off too.
And always try to keep calm.
As can be seen in the comments, the step of turning off the engine after reaching 1st gear is a bit controversial.
Modern ECUs actually cut-off fuel supply when engine breaking, down to ~1500rpm, thus providing almost all of the dexelerarion effect of turning the engine off. Furthermore, the decelaration offered by the engine below 1.500rpm isn't all that much, so if in doubt, one can skip turning off the engine and retain all power steering etc. If, after downshifting to 1st gear, the car does not come to a full stop (e.g. due to parking break fade/fatigue after such an extended use), then one can turn off the engine.
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